Prior studies of interest rate differentials between credit unions and commercial banks suffer from selection bias since they rely on data at the level of the financial institution or branch which cannot account for demand-side or loan-level characteristics. We improve on these studies by using household- and loan-level data from the Federal Reserve's Survey of Consumer Finances from 2001 to 2019. We find that, on average, households that receive auto loans from credit unions pay 0.70 percentage points less on interest rates for new vehicles—and 1.40 percentage points less on used vehicles—relative to observably similar households that receive auto loans from banks. The aggregated savings to credit union members is larger than the estimated value of the credit union corporate income tax exemption. Nonetheless, the benefit from lower auto loan rates is likely an underestimate of the true value to consumers of credit unions' presence in the market.

中文翻译：

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金融机构目标与汽车贷款定价：来自消费金融调查的证据

先前关于信用合作社和商业银行之间利率差异的研究存在选择偏差，因为它们依赖于金融机构或分行层面的数据，无法说明需求侧或贷款层面的特征。我们通过使用美联储 2001 年至 2019 年消费者财务调查的家庭和贷款水平数据改进这些研究。我们发现，从信用合作社获得汽车贷款的家庭平均支付的利率低 0.70 个百分点与从银行获得汽车贷款的明显相似的家庭相比，新车——二手车少了 1.40 个百分点。信用合作社成员的储蓄总额大于信用合作社企业所得税免税额的估计值。尽管如此，