San Diegans sure love their cars — especially new ones.
Membership in San Diego County’s 18 locally-headquartered credit unions rose to a record high of more than 1 million members as of Sept. 30.
That was an 8 percent year-over-year increase, according to data from the California Credit Union League, an Ontario-based state trade association for 336 credit unions headquartered in California.
Of those members, it’s a good bet many signed up in search of a loan to finance a new car they had been eying.
That’s because those credit unions, over the year that ended Sept. 30, witnessed a 45 percent increase in new auto loans, according to the CCUL.
According to the association, the outstanding dollar amount for new car loans rose to $1.6 billion, setting a new record. The total was up 302 percent from the most recent low in 2012 of $412 million. The last historical peak was in 2007, when the outstanding dollar amount was $1.1 billion, the association said.
New auto loan originations also increased, rising 46 percent and putting $515 million into the pipeline.
Those credit unions also saw a 25 percent increase in used auto loans, which hit a record outstanding dollar amount of $2.1 billion as of Sept. 30. That was more than double compared with the most recent low in 2012 of $985 million. Originations were up 26 percent year over year at $418 million.
