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Sixty-day delinquencies are on the decline and credit quality continues to improve, but lenders still favored prime customers in the first quarter.
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The auto finance market continued to stabilize in the fourth quarter, as the crash of 2008 continues to become a distant memory. New financing, however, will remain the domain of the prime and superprime tiers in the months to come.
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Copart Inc., an online vehicle auction company, has integrated Dealer Services Corporation (DSC), an independent used-car financing company, into its Website, www.copart.com, allowing Copart members to select and pay for vehicles by accessing their DSC account.
Read More →Automotive loans that are 60 days past due rose by 21.7 percent in the second quarter 2009 compared to the year-ago period, according to Experian Automotive.
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Not only are lenders staying away from anything subprime, they’re also pushing more consumers toward the used-vehicle market. And with more than $5.7 billion in loans reported 60 days delinquent, Experian Automotive predicts further market volatility.
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