Auto credit availability was mixed in April, with an overall slight tightening year-over-year among new and certified preowned channels and banks and captive finance companies.

Cox Automotive’s All-Loan Index was essentially flat with a dip of less than 1% to 93.8.

Used-vehicle loans through independent dealers loosened the most as certified preowned loan access was tightest. Of lenders, credit loosened the most through finance companies specializing in automotive loans and tightened the most through banks.

Approval rates and the subprime share fell from for the month, reducing access on the one hand, while yield spreads tightened, terms lengths expanded, down payment amounts shrank and negative equity increased in deals, increasing access on the other hand, Cox said.

It said the share of loans whose terms exceed 72 months rose 89 basis points, though it fell one percentage point year-over-year.

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