Auto Credit Harder to Come By
November access tightens across channels, most lender types, Cox says.

Certified preowned loans tightened the most of any type year-over-year, while new-vehicle loan access narrowed the least.
IMAGE: Pexels/Sora Shimazaki
Auto credit availability narrowed in November as the high interest rate environment continued to make it harder for consumers to borrow in the space.
Cox Automotive said access to credit tightened more than 4% year-over-year, about the same as just before the pandemic, in February 2020. Its All-Loans Index was about flat for the month at 94.8.
Access narrowed among all channels and lender types except for captives, which loosened slightly, said Cox, which indicated that an array of conditions limited credit access: yield spreads rose, the subprime share fell slightly, the average term shortened, the down payment amount increased, and fewer deals had negative equity. Though approval rates were steady, they reached their lowest point of the year.
The share of loan terms longer than 72 months fell 47 basis points and was down about 2 percentage points year-over-year, Cox said.
Certified preowned loans tightened the most of any type year-over-year, while new-vehicle loan access narrowed the least.
The index is baselined to January 2019.
Originally posted on Auto Dealer Today
More Industry

Penske Auto Group Deal a Record
The deal to take the dealership and transportation services company private sets a new pace for industry buy-sell transactions.
Read More →
War Toll a Damper on Used Auto Prices
Cox Automotive found wholesale depreciation to be elevated in September amid high fuel prices and this year's unusual hurricane season.
Read More →
Bridge the Maintenance Gap
With many drivers missing recommended maintenance, service departments offering transparency and efficiency have a better chance of reaching financially strained consumers.
Read More →
California Store Has New Owner
The longtime dealership in the northern part of the state is known for robust fleet sales and has served the state capital for 115 years.
Read More →
BMW Plant Pursues Cleaner Energy
BMW Group Plant Leipzig has utilized hydrogen to help power its production since 2013, but a new pipeline is planned to take it to another level.
Read More →
Auto Affordability Inches Up
The latest Cox Automotive and Moody’s Analytics index shows a slight increase in new-vehicle affordability despite high prices.
Read More →
Ohio Auto Group Under New Ownership
After 79 years with the Schluter family, Mansfield Auto Group has been acquired by Missouri-based Clement Auto Group.
Read More →
RV Group Expands Carolina Footprint
Blue Compass RV Columbia Northeast is the 13th RV dealership owned by Blue Compass in the Carolinas.
Read More →
Agent Acumen
An Agent Summit panel of people who’ve been supporting auto dealers for years gave both timely and timeless advice for those starting out or mulling the prospect.
Read More →
Missed Maintenance Creates Opportunity
As families get back on the road and into daily school routines, service drives have an opportunity to capture customers who are behind on recommended vehicle maintenance.
Read More →