Georgia Credit Unions Report 30 Percent Gain in New-Auto Loans

ATLANTA, Sept. 16, 2015 /PRNewswire/ -- Credit union loan growth in Georgia was broad based in the second quarter with all tracked categories increasing over the first quarter. With an uptick of 3.4 percent in the quarter, total lending was up 12.2 percent over the course of the previous 12 months.

New-vehicle loans with credit unions grew by 30 percent as of June 30, 2015 compared to June 30, 2014 and by 5.3 percent over the first quarter of 2015. Used-auto loans were up 4.2 percent in the second quarter of 2015 compared to the first quarter and by 16 percent compared to June 30, 2014.

Georgia consumers continue to benefit from positive economic conditions across the state:

• The unemployment rate inched lower.
• Fuel prices continue declining.
• Georgia credit union borrower-bankruptcy filings continued their decline.

"Economic conditions have been on a steady incline for several years and it's not surprising consumers are becoming more confident with their spending habits," said Georgia Credit Union Affiliates President and CEO Mike Mercer. "Overall, membership and loan growth at Georgia credit unions continues to be positive, evidence that consumers are doing better and that credit unions provide meaningful value in supporting their activities."

According to data compiled by Informa Research Services, on a five-year $30,000 new-auto loan the credit union advantage saves the average Georgia consumer more than $500 over the life of the loan.

Total memberships grew by 1 percent in the second quarter and 2.1 percent in the first six months of 2015 – boosting the number to 2.1 million by the end of the second quarter.

Click here to see the full release, which includes more information on the condition of Georgia's economy and credit unions, graphics and a video.  

About Georgia Credit Union Affiliates Georgia Credit Union Affiliates (GCUA) provides services and support that help Georgia credit unions – with current memberships topping the 2.1 million mark - meet the financial service needs of the state's credit union members. GCUA offers advocacy, educational, operational and marketing support for Georgia's 128 credit unions, with combined total assets of more than $20 billion. More information can be found at http://www.asmarterchoice.org/ and on social media at https://www.facebook.com/creditYOUnion, https://twitter.com/HPALGa and https://twitter.com/Gcuagov.

SOURCE Georgia Credit Union Affiliates

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http://www.gcua.org