Credit unions continue to fulfill their mission through extremely favorable auto lending interest rates, according to Credit Union National Association’s (CUNA) inaugural Credit Union Auto Lending Monthly Report. The report — covering September 2022 — shows consumers on the lowest end of the credit score spectrum average approximately $13,200 in life-of-loan savings compared to other lenders.
“Access to reliable transportation is a foundational aspect of financial well-being for consumers,” said CUNA Chief Economist Mike Schenk. “The significantly lower average monthly auto loan payments result in substantially higher levels of financial resilience among credit union members compared to non-members.”
National trends in credit union auto lending in September 2022 include:
2855 East Guasti Rd., Suite 202
Ontario, CA 91761
909.212.6000
1201 K. St., Suite 1050
Sacramento, CA 95814-3992
916.325.1360
c/o Great Basin FCU
9770 South Virginia Street
Reno, NV 89511-5941
202.638.5777 www.cuna.org
www.dfpi.ca.gov
Clothilde “Cloey” V. Hewlett — 415.263.8500
fid.state.nv.us
702.486.4120 (Las Vegas)
775.684.2970 (Carson City)