Report: Surge in 2014 auto loans by credit unions

A statewide surge in new-car sales in 2014 was reflected in Sacramento County loan statistics released Tuesday by the California Credit Union League.

The CCUL said credit union auto loans for new cars in Sacramento County in last year’s fourth quarter were up nearly 62 percent compared with the fourth quarter of 2013. Sacramento County credit union loans for used cars surged about 15 percent year-over-year.

The Ontario-based CCUL is a trade association for 365 credit unions headquartered in California.

The auto loan increases mirrored new car sales in California. Last month, the Sacramento-based California New Car Dealers Association said vehicle sales statewide in 2014 totaled 1.8 million units, up 8 percent over 2013.

In its report for the fourth quarter of 2014, CCUL also reported that Sacramento County credit unions saw an 8.5 percent year-over-year increase in first mortgages/home equity lines of credit and a 14 percent gain in credit card lending.

CCUL said 11 credit unions headquartered in Sacramento County served 1.09 million members last year, a nearly 6 percent increase over the closing quarter of 2013. In last year’s final quarter, loans by Sacramento County credit unions totaled $6.7 billion, including mortgages, home equity lines of credit, business loans, auto loans and credit cards. Sacramento County credit union deposits totaled $11.9 billion at the close of 2014, up 6.7 percent from the year-ago period, CCUL said.

This story was originally published March 24, 2015 at 1:36 PM with the headline "Report: Surge in 2014 auto loans by credit unions."