A mid-year review for credit unions reveals several opportunities to gain auto lending market share versus banks and captive lenders. Leveraging their traditional position offering competitive rates and personalized service, auto loan portfolio managers should focus on aggressive pricing and strong member-focused strategies to make significant gains in vehicle financing market share.
Tag: auto loans
Credit union auto lending advisors may face a wave of conflicting tax deduction questions in the coming months. The sweeping taxation and funding bill making its way through the U.S. Congress contains a provision allowing a tax deduction on up to $10,000 in auto loan interest a year for the next few years, a break that could save many Americans hundreds of dollars. However, the tax break isn’t available for the purchase of used cars. The same bill eliminates a $7,500 tax credit for the purchase or lease of electric cars and trucks.
Consumer confidence took a hit in February. According to The Conference Board, the non-partisan nonprofit which administers the monthly Consumer Confidence Survey, consumer confidence registered the largest monthly decline since August 2021. Reflecting the third consecutive month-on-month decline, consumer views of current labor market conditions weakened, consumers are pessimistic about future business conditions, and less optimistic about future income. Pessimism about future employment prospects worsened and reached a ten-month high. The University of Michigan monthly Consumer Sentiment Index reflected that consumers expect prices for goods will continue to rise and inflation will continue to hamper big-ticket purchases.