Auto Credit Easier to Come By
March loosening is second month in a row of eased access.
Loans for certified preowned vehicles and those taken through auto captive companies loosened the most.
IMAGE: Pexels/RDNE Stock Project
Access to automotive credit loosened in March for two straight months of improvement, though availability was still down slightly year-over-year.
Credit was easier to get among all channels and lender types last month, Cox Automotive said. Its All-Loans Index rose to 94 but was down 1.5% year-over-year.
Down payments were flat but at their all-time highest since Cox has tracked auto credit access.
Loans for certified preowned vehicles and those taken through auto captive companies loosened the most, while those for used cars through independent dealers and those taken through auto-focused finance companies loosened the least.
The approval rate rose eight basis points, and the 72-months-plus term share fell two basis points, Cox said.
LEARN MORE: How to Tackle Rates, High Prices and Economic Challenges
Originally posted on Auto Dealer Today
More Industry
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →