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Automotive lenders still exhibit caution |
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July 8, 2010 |
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Although the 30-day and 60-day delinquency rate on automotive loans declined* in Q1 2010, lenders are still taking a cautious approach to their lending strategies. The average credit score for a new vehicle loan in Q1 2010 was 776, with a greater percentage of these new vehicle loans going to customers in the super-prime credit category.
Source: 2010 Q1 Automotive Credit Insight Snapshot
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Footnote: *The 30-day delinquency rate fell from 2.82 percent in Q1 2009 to 2.79 percent in Q1 2010, while the 60-day delinquency rate fell from 0.79 percent to 0.78 percent during the same time frame.
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