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How Credit Unions Can Increase Auto Loan Market Share

How Credit Unions Can Increase AUTO LOAN MARKET SHARE The best predictors of members' auto-lender choices are factors important to them in their past choices. Customer service, ease of contact, and responsiveness proved particularly important. LENDER CHOICE Increase in CU loan share: PAST FUTURE 41 Customer service 40 Easy to contact 38 Responsiveness Focus on customers' interests Payment process Relationship Application process Repayment flexibility Can qualify Interest rate Downpayment CU Commitment 10 20 30 I am a CU person CUs fit my values CU-bank difference CUs even if inconvenient I seek credit unions 2 I seek the best degls SATISFACTION 0.1 value convenience most Members' satisfaction with and commitment to credit unions in general has little effect on their auto-lender choices, Members overwhelmingly prefer electronic communications. However, choice of media doesn't substantially affect lender MEDIA CHOICE choice, Website Email Employees Newsletter Statement inserts Social media Mail O MARKET SHARE Brochures -1 Branch Signs -2 2011 Credit Unions' share of 1986 consumer auto loans is growing 13% 20% SALES U.S. Annual auto sales are rebounding 24% 17.4 Million 14.8 Million Still ... of thousands of auto 10.6 borrowers in seven CUs Million 39% surveyed, 24% chose Decline non-credit union lenders. 2005 2009 2012 Source: Predicting Members' Choice of Auto Lender: Borrowing from CUs or Elsewhere, by Luis Dopico, PhD For more: Filene Research Institute Infographic by Steve

How Credit Unions Can Increase Auto Loan Market Share

shared by fileneresearch on May 16
While credit unions’ share of consumer auto loans grew to 20 percent in 2011, 24 percent of credit union members still choose other lenders for their auto loans. This infographic provides a quick s...


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