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Overall, the data shows encouraging signs for the automotive finance market.
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Experian’s latest report also highlights geographic trends in automotive finance.
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Overall, the automotive finance market has remained resilient, despite the pandemic. Staying close to the data will help lenders ensure they have the right options available to fit consumers’ needs and budgets.
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As we look at the market in Q3, there were a number of notable statistics that can help lenders identify trends and inform strategy.
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The average loan amount for a new vehicle jumps $4,000; however, the average monthly payment remains steady.
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Experian analysts say buyers of pre-owned vehicles accounted for 55.15% of all U.S. auto loan originations in the third quarter, a 2.4% year-over-year increase.
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Experian’s Q2 auto finance report consumers continue to uncover ways to manage monthly payments. For a record percentage of prime borrowers, that meant passing on a $32,000-plus new-vehicle loan in favor of a pre-owned unit.
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More consumers in the prime and superprime credit tiers opted for used vehicles as concerns around affordability grew in the first quarter, according to the latest report from Experian.
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Thirty- and 60-day delinquencies remained fairly stable in the fourth quarter, while affordability rightfully remains a key point of discussion among dealers and auto finance sources.
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Third-quarter data from Experian Automotive shows that the auto finance market gained strength and stability, but mostly at the expense of subprime originations.
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