Washington's auto loan growth on cruise control
18.05.12
Capital One Financial Corp.’s portfolio accounted for nearly 70 percent of the total auto loans within the reviewed cohort. The McLean-based institution registered a 6.6 percent increase over the third quarter 2011 to $21.7 billion in the fourth quarter.
Credit unions dominated the ranks, though they posted mixed quarterly results. Vienna-based Navy Federal Credit Union, for instance, reported a 0.5 percent decline in the three months ending December, but registered a 4 percent increase to roughly $5.6 billion for the year.
One of the largest spikes in auto loans occurred at NASA Federal Credit Union in Upper Marlboro, which recorded a 32.7 percent rise for the quarter and 25 percent jump for the year. Meanwhile, Fairfax-based Apple Federal Credit Union grew its book of auto loans 18.5 percent in the fourth quarter and 26 percent for the year.
Source: Washington Post