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Still worse year-over-year, since prices and loan rates are elevated.
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Consumers paying more and more as interest rates stretch costs to new highs.
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With September in the books, Edmunds reported this week that interest rates have stayed above 5% for eight months in a row and now mirror levels not seen since before the Great Recession.
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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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The average household is on the verge of being priced out of the new-vehicle market, Experian’s fourth quarter data shows.
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GAP rates are on the rise. Insiders say dealers should welcome the increases, adding that the performance of this core F&I product points to a severe slowdown in the next 24 months.
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The industry smashed several records in the first quarter thanks to high new-vehicle prices, but stretching terms and leasing weren’t the only ways consumers sought payment relief.
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New-vehicle registration volume returned to pre-recession levels in the third quarter thanks to a creative and willing auto finance market.
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The Comptroller of the Currency warned in a speech delivered yesterday that the pace of auto lending reminds him of the mortgage industry in the run up to the 2009 financial crisis.
Read More →In order to manage risk levels and achieve ongoing profitability, lenders need to use collateral and residuals in the underwriting process. That’s according to a new whitepaper from Black Book’s Lender Solutions division.
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