PALM DESERT, Calif.–Credit unions as auto lenders are riding in the same slow lane as other lenders.
A number of credit union leaders who spoke to the CU Daily during Origence’s Lending Tech Live event in said their auto lending volume has been flat to declining in recent months, the result of the combination of higher rates, higher prices and economic uncertainty.
And Tony Boutelle, president and CEO of Origence, confirmed that credit unions that are part of its CU Direct Lending (CUDL) platform—which in aggregate is the largest auto lender in the country—are seeing the same trend.
“A lot of people are slowing down in this market,” he told the conference in his opening remarks. “People are struggling to afford cars right now, And the banks are getting very. very aggressive…We’re still doing great, but we see a lot of competition and a lot of people struggling.”
He shared the chart, below, to illustrate how players in the market are performing.
