Georgia Credit Unions’ “Paying Attention” is a quarterly report that compiles recent poll responses from more than 6,000 credit union members and aggregated data from 38 credit unions statewide

Key Findings

New vehicle loans at Georgia credit unions increased 15.4 percent

Used vehicle loans at Georgia credit unions jumped 7.9 percent

First mortgage portfolios at Georgia credit unions grew 5.7 percent

Can you explain the reason for the increase in car loans in Georgia?

The increase in car loans in Georgia coincide with strong U.S. auto sales last year:

Total car and light truck sales reached 14.4 million units in 2012

Car sales in 2012 increased 13 percent since 2011 results

2012 best year for car sales since 2007 

Georgia’s economy is improving

With an improved economic outlook and increased consumer confidence, many people decided to purchase new vehicles in 2012

How is the economy recovering?

The job market is improving: 

The state’s unemployment rate dipped to 8.6 percent at the end of the year, the lowest level in nearly four years

That’s nearly one percentage point lower than the 9.4 percent reading at the start of 2012

Georgia’s housing market is experiencing strong gains: 

In 2012, home prices rose 7.7 percent.

Georgia credit unions experienced a 5.73 percent increase in first mortgage portfolios

Why are people turning to credit unions for their lending needs?

People trust credit unions, and Georgians recognize that credit unions are a great way to save money

The average rate on a five-year auto loan at the state’s credit unions averages more than one percent lower than banks

What other trends did you notice in 2012?

Despite the increased spending on new vehicles, Georgians continue to save: 

Regular savings account balances increased by 12 percent in one year

Money market accounts grew 7.5 percent in the course of a year

IRA/KEOUGH accounts grew 3.48 percent since Q3 2011

Checking account balances increased 11.9 percent in a one-year period

Georgia credit union membership grew by 4.5 percent over the past year