Florida ranks fourth in auto loan growth

Creditunions.com recently reported that nearly every type of lending surged during the first quarter of 2015 for credit unions. Aggregate loan balances increased 10.6 percent — or $70 billion — to $731.2 billion as of March 2015. With a respective 21.5 percent and 13.3 percent growth, new and used auto loans posted the strongest year-over-year percentage increases. Forty states reported 10 percent or higher growth in their total auto loan portfolio in the first quarter, and 11 states reported annual growth greater than 20 percent.

Florida ranked fourth in auto loan growth with 23.6 percent. Other states that made the top ten included:

  • Delaware – 40.1%
  • Idaho – 27.6%
  • California – 26.6%
  • Florida – 23.6%
  • New Hampshire – 23.1%
  • Georgia – 22.3%
  • Wisconsin – 21.1%
  • Iowa – 20.9%
  • North Carolina – 20.6%
  • Connecticut – 20.5%

Source: Peer-to-Peer Analytics by Callahan & Associates