From The Credit Union Times:
Higher member optimism about their personal finances and the economy helped Navy Federal Credit Union book $753 million in consumer loan originations in May – the best month in the cooperative’s 80-year history. Read more
The $54 billion credit union in Vienna, Va., said $2.3 billion of its record $3.1 billion in consumer loan originations so far in 2013 are auto loans.
Navy Federal Corporate Economist Alan MacEachin points to two key factors regarding the credit union’s record year-to-date in auto loan originations – including $527 million in May: historically low interest rates [...] and the average age of vehicles in the U.S. at greater than 11 years.
... Navy Federal is also experiencing record activity in its mortgage portfolio. In April, the credit union said it posted $1.3 billion in March, which was the highest figure ever experienced. During the first quarter, mortgage loans topped the $3.2 billion mark, which was double last year’s figure.
The increase in auto loans is understandable due to the relatively high average age of vehicles.
The mortgage statistic is more interesting: is the economy picking up or are we seeing the beginnings of mortgagedebtbubble.v2013?