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Finance sources responded to the recent uptick in delinquencies by moving upstream in the first quarter, pushing subprime lending to a 10-year low.
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Reflecting the shift toward more creditworthy borrowers was the rise in average credit scores for both new- and used-vehicle loans. But the retreat from the high-risk tiers also comes during a quarter in which the average new-vehicle finance amount and monthly payment reached record highs.
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According to the American Bankers Association, indirect auto loan delinquencies were one of the categories to show a decrease, while delinquencies in the direct auto loan space showed an increase.
Read More →Outstanding auto loan balances totaled $987 billion in the fourth quarter 2015, up 11.5% from the year-ago period and the highest level since Experian Automotive began publicly tracking the data in 2006.
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Data from the second quarter didn't support talk of a subprime auto bubble, with subprime financing showing signs of leveling off and delinquencies remaining at historic lows.
Read More →While 60-day automotive loan delinquencies fell nationally, 22 states experienced increases. The sharpest increase occurred in Delaware, where delinquencies jumped by nearly 10%.
Read More →Delinquencies in the fourth quarter 2012 experience their first year-over-year increase since 2009, but they still remain below precession levels, Experian Automotive reports.
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Like previous quarters, the third quarter saw finance sources continuing to delve deeper into the credit spectrum. But is this good for the industry?
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