Thanks to these #creditunions for putting #peopleoverprofits and showing the #cudifference! Here are the credit unions that stand out for this week's Humanitarian Highlight:
Another Humanitarian Highlight, showing off that #CUDifference with these credit unions that excel with #philanthropy!
Consumer lending season is here, and now is the time to focus on automobile lending. Better weather draws consumers to dealerships and used car lots, looking for deals. Upgrades, trade-ins, and new vehicle purchases will be the order of the day. Consider a lesson from the past, in 2014.A Quick Look Back at Consumer Lending
Lending soared with $101 billion in new auto loans being issued in the April-June quarter of 2014. In the second quarter, total outstanding auto loans rose to $905 billion. And while it is true federal mandates saw financial institutions underwriting loans for people with poor credit, this was a small piece of the pie. The main contributing growth factor was a solid economy, coupled with traditional, cyclical consumer habits. Three years later, 2017 could deliver a repeat performance.
Americans use a lot of credit cards; the facts don’t lie. According to Federal Reserve data from 2014, 72% of consumers held at least one credit card. That’s a lot of people with a lot of plastic. That purchasing power has to originate from somewhere, and oftentimes that somewhere is your credit union. If you market your credit card services on a consistent basis, you have contributed to these stats. If not, let the data sink in. You might be missing out on some market share.