Ben Eisen
speaker
1,467 appearances
35 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Ben Eisen’s voice in public audio — every appearance, attributed to the second.
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Appearances
Right now they have slightly higher rates on new cars, according to recent averages.
But generally on the whole, that's the reason that credit unions are able to compete as well as they do.
Yes.
Yeah, what you saw over the past four years or so is that banks really pulled back a lot, and credit unions kind of came in and took a lot of that market share.
So in 2008, they made about 23% of auto loans, and now they make almost a third of auto loans.
Yeah, they've really gotten very big in that area.
And credit unions have sort of always had auto loans as a bread and butter business, but it's really expanded.
Nowadays, you don't have to go into a credit union to get an auto loan.
A lot of them offer them what's called an indirect way through the dealership.
So you might get your loan through the dealership and it comes from a credit union.
Yeah, that's sort of one of the recent trends that you've seen.
As credit unions have grown, some of them are buying small community banks.
And that's sort of one way to add to your deposits, your deposit base, and be able to increase your business.
And it's increasingly what we've seen.
Community banks being institutions that are really under pressure, both from the credit unions, but also larger banks as well.
Well, that's true.
We should be clear that the growth in credit unions is, you know, in large part because of the biggest credit unions.
You've seen some that are, you know, have grown to be 80, 90, over 100 billion dollars in assets.
But at the same time, you still have the vast majority of them are tiny and they they might have just a small amount of assets and therefore be, you know, really kind of what you think of as traditionally a credit union.
Yeah, I think sort of one of the uncertainties here is that, you know, the last time we had a financial crisis, credit unions were not this size.
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