Posts Tagged ‘ auto loans ’
Findings from Experian's latest State of the Automotive Finance Market analysis showed the average loan term for a new vehicle jumped to an all-time high of 65 months in Q4 2012, up from 63 months in Q4 2011. More consumers also are opting for leases, with the lease share of new auto financing increasing to 24.79 percent, up from 10.45 percent in Q4 2011. [ READ MORE ]
Tweet Loans to customers in the nonprime, subprime and deep-subprime credit risk tiers accounted for more than one in four new vehicle loans in Q2 2012. With 25.41 percent of all new vehicle loans opened by customers in the nonprime, subprime and deep-subprime credit risk tiers, loans for this group were up 14 percent when [...][ READ MORE ]
Tweet Total balances of automotive loan portfolios rose for all types of lending organizations in Q2 2012, reaching $682 billion, compared with $646 billion in Q2 2011. Despite this strong growth, overall loan balances still lag behind prerecession levels. In Q2 2007, outstanding loan balances reached $701 billion. The average 30 and 60 day delinquency [...][ READ MORE ]
Tweet With interest rates at their lowest level since 2008 and an increasingly competitive market, automotive lenders are increasing their willingness to make loans between six and seven years long: Auto loans of 73 to 84 months accounted for 14.1 percent of all new vehicle loans, up 47 percent from Q4 2010 Auto loans of [...][ READ MORE ]
Tweet Lenders continued to increase their appetite for risk in Q2 2011, with new vehicle loans for customers with credit outside of prime increasing by 22.4 percent compared with the previous year. In Q2 2011, 22.29 percent of all new vehicle loans went to customers in the nonprime, subprime and deep-subprime categories, increasing from 18.21 [...][ READ MORE ]
Tweet Lenders are increasing loans to credit-challenged customers. According to Experian’s quarterly automotive credit analysis, 21.87 percent of all new vehicle loans went to customers in the nonprime, subprime and deep-subprime categories. The largest percentage increases were in the two highest-risk segments: deep subprime, which jumped 17.3 percent, and subprime, which jumped 17.8 percent. Nonprime [...][ READ MORE ]
