Subprime originations fell 4.5% from a year ago to 1.841 million in the first quarter, a period in which total outstanding balances topped a quarter trillion, the firm reported.
Credit unions funded 1.4 million loans through CU Direct’s Lending 360 and CUDL lending platform, generating a record $30 billion in credit union auto loans in 2016 and surpassing the $26 billion in loans the company funded in 2015.
Fueled by falling gas prices and record new-vehicle sales, Wells Fargo originated a record $31 billion in auto loans for 2015.
Credit unions are competing aggressively in the automotive marketplace, financing one in four auto loans so far in 2015, CU Direct reports.
