Melinda Zabritski - Tagged Posts

Automotive Industry Sees New Vehicle Finance Shift Back to Pre-Pandemic Levels in Q2 2021

Overall, the data shows encouraging signs for the automotive finance market.

The Automotive Finance Market Continued to Move Forward at a Healthy Pace in Q1 2021, with Total Open Loan Balances Reaching $1.288 trillion

Experian’s latest report also highlights geographic trends in automotive finance.

Automotive Finance Industry Shows Consistency in Q4 2020 Despite Disruptions

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.

Q3 2020 Finance Trends Demonstrate Automotive Industry’s Resilience

As we look at the market in Q3, there were a number of notable statistics that can help lenders identify trends and inform strategy.

Despite the Initial Impact of COVID-19, the Automotive Industry Shows Positive Signs In Q2 2020

The average loan amount for a new vehicle jumps $4,000; however, the average monthly payment remains steady.

Q3 Auto Finance: Used Accounts for 55% of Loans

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.

Prime Buyers Flock to Used Vehicles in Q2 Report

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.

Experian: Facing Higher Loan Amounts, Prime Buyers Go Used

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.