Dealers Face Difficulty Placing Subprime Loans
Extending credit to high-risk customers is harder, but there are ways to get those customers into loans.
Extending credit to high-risk customers is harder, but there are ways to get those customers into loans.
Replacement demand from hurricanes Harvey and Irma should provide a temporary boost in new-vehicle demand to open 2018, but TransUnion officials said consumers will shift toward the used-vehicle market as finance sources continue to tighten credit underwriting standards.
The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.
The editor weighs in on another dealer hit piece and wonders if the consumer advocates truly understand the motivations of dealerships.
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