Auto loans continue to be the “bread and butter” for credit unions, with vehicle loan balances increasing $38.3 billion over the last 12 months, according to January’s Credit Union Trends Report by CUNA Mutual Group.

But expect auto sales to slow in 2018.

In 2016, a record for auto sales was set with more than 17.5 million cars and light trucks sold. In 2017, auto sales fell slightly to 17.3 million. Now, Steven Rick, an economist at CUNA Mutual Group, is projecting auto sales to be roughly 17 million in 2018 “as pent up demand fades away.”

The slowing of auto sales, however, is not expected to hamper the economy or credit union growth.

The Credit Union Trends Report expects the U.S. economy to grow 2.6 percent in 2018, faster than the 2.4 percent reported in 2017 and faster than the long-term trend of 2 percent. Credit union loan growth is expected to exceed 10 percent in 2018, which will be the fifth consecutive year of double-digit loan growth, according to the report.

Over the last 12 months, total credit union loan balances rose more than 10.7 percent.