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The June edition of CUNA’s Auto Lending Monthly Report contains updated data from Equifax, which revised the historical data going back to 2005. The revision affected the total outstanding balances and originations for banks and auto finance companies, but no changes were made to credit union originated loans.
This revision involved the reclassification of industry codes for a significant amount of loan balances, recategorizing loans previously reported under auto finance companies as banks. This is largely due to bank acquisitions of auto finance companies not being accurately reflected in credit bureau reporting.
An example of credit union improvement in the data is the median 72-months interest rate in November of last year for deep subprime credit union borrowers is 44% lower at a credit union compared to a bank. Prior to the update it was 30% lower.
The main changes are in the areas of: