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December 13, 2017 - Industry News

TransUnion: Subprime Pullback to Continue in 2018

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.

Tags: auto finance, average finance amount, deliquencies, Subprime Financing, TransUnion

November 21, 2017 - Industry News

Auto Loan Market Shifting Toward Less Risky Consumers

For the fourth consecutive quarter, auto loan originations in the second quarter decreased on a year-over-year basis. Much of that decline was driven a 5.9% decrease in subprime, nearprime, and prime loan originations.

Tags: auto finance, Delinquencies, Hurricane Harvey, Hurricane Irma, Subprime Financing, TransUnion

January 24, 2017 - Industry News

AFSA Panel Bursts Subprime Bubble

Representatives from the three major credit bureaus opened the 21st annual Vehicle Finance Conference and Exposition by confirming that there is no forming subprime bubble. They explained why and how millennials are contributing to a healthy auto finance market.

Tags: AFSA Vehicle Finance Conference, American Financial Services Association, Amy Crews Cutts, credit reporting agency, Equifax, Experian Automotive, Jason Laky, Melinda Zabritski, TransUnion, Veritas Auto Finance

January 4, 2017 - Industry News

CFPB Orders TransUnion and Equifax to Pay $23.1 Million for Deceptive Practices

The Consumer Financial Protection Bureau (CFPB) this week took action against Equifax and TransUnion, ordering the two credit reporting agencies and their subsidiaries to pay more than $17.6 million in restitution for deceiving consumers about the usefulness and actual cost of credit scores they sold to consumers. The two firms were also ordered to pay $5.5 million in fines to the regulator.

Tags: CFPB, Credit Agencies, Credit Report, Dodd-Frank Act, Equifax, TransUnion

December 14, 2016 - Industry News

Subprime Borrowers, Expected Interest Rate Hikes to Drive Up Delinquency Rates in 2017

Transunion projects the auto loan delinquency rate for consumers with payments 60 or more days past due to close the year at 1.4%, the highest level since year-end 2009. Even with this increase, TransUnion said delinquency rates will remain well below levels observed during the last recession.

Tags: Auto Loan Delinquency Rate, Credit, Delinquencies, TransUnion

November 9, 2016 - Industry News

Auto Balances Up 9% in Q3, TransUnion Reports

Total auto loan balances in the third quarter grew 9% from a year ago to $1.1 trillion, with subprime balances leading the way, TransUnion reported on Monday.

Tags: Auto Loan Originations, Auto Loans, Third Quarter, TransUnion

August 17, 2016 - Industry News

TransUnion: Average Auto Loan Balance Reaches Post-Recession High in Q2

The average auto loan balance per consumer in the second quarter grew 2.7% from a year ago to a post-recession high of $18,177, according to TransUnion. Delinquencies were also up, although the firm said there’s no cause for concern.

Tags: auto finance, Auto Loan Delinquency Rate, F&I manager, TransUnion

June 9, 2016 - Industry News

TransUnion, FICO Team Up on New Credit Scoring System

Based on TransUnion’s CreditVision trended data, FICO Auto Score 9 XT is specifically designed for the auto finance marketplace. The scoring system ignores paid off collection agency accounts, separates unpaid nonmedical accounts that have gone into collection from unpaid medical accounts in collections, and provides a deeper dive into consumer behaviors.

Tags: Credit Scores, FICO, ProMax Unlimited, TransUnion

June 1, 2016 - Industry News

Mortgage Applicants Three Times As Likely to Open New Auto Loans, TransUnion Reports

A new study from TransUnion shows that prime or better mortgage applicants are up to three times as likely to open a new auto loan within 12 months of a mortgage inquiry.

Tags: auto finance, Auto Loans, Car Buyers, mortgage, TransUnion

May 11, 2016 - Industry News

Q1 2016 Delinquency Rates Reach New Highs, TransUnion Reports

High delinquency rates for auto loans and credit cards in the first quarter pushed national average delinquency rates to levels not seen in at least three years, according to TransUnion. Much of the increase can be attributed to the continued slump in oil prices and an increase in loans made to customers with nonprime credit.

Tags: Auto Loan Delinquency Rate, Credit Cards, Report, TransUnion

March 1, 2016 - Industry News

Garth Cappy Joins CreditMiner

The former director of dealer enterprise relationships for Equifax joins the firm as vice president of credit service for the North American market, a role in which he'll oversee CreditMiner's automotive vertical.

Tags: CreditMiner, Equifax, Experian, Hiring, TransUnion

December 15, 2015 - Industry News

TransUnion: Average Auto Balances to Rise in 2016, Delinquencies to Remain Flat

TransUnion expects the average auto loan debt per borrower to increase to $18,509 by the end of 2016, a more than $3,500 increase since the Great Recession. The firm noted, however, that subprime auto loans still make up less than the 23.7% share recorded in the third quarter 2009.

Tags: Auto Loan Delinquency Rate, auto loan volume, Delinquencies, TransUnion

November 16, 2015 - Industry News

Auto Loan Balances Top $1 Trillion in Q3, TransUnion Reports

Despite auto loan balances rising by $101 billion, delinquencies remained flat from a year ago. Officials with the credit reporting agency said their seeing controlled and deliberate growth by lenders.

Tags: 60-Day Delinquency Rate, auto loan origination, Auto Loans, Delinquencies, TransUnion

May 14, 2015 - Industry News

Student Loan Impact May Be Overblown, TransUnion Finds

Despite an unprecedented rise in student-loan balances over the past decade, a new TransUnion study found that student loan obligations have not inhibited younger consumers’ ability to access and repay other consumer credit categories such as auto loans.

Tags: Student Loan, TransUnion

February 26, 2015 - Industry News

TransUnion: Auto Loan Growth Driven by Millennial Originations

The millennial generation is the fastest-growing segment of auto loan consumers, representing 27% of total auto loan originations in 2014, according to data from TransUnion.

Tags: Auto Loans, Millenials, TransUnion

December 17, 2014 - Industry News

Debt Levels Will Continue to Rise, TransUnion Reports

TransUnion’s annual auto loan forecast calls for auto loan debt to rise to $18,244 by the end of 2015. This would mark 19 consecutive quarters of increases since the first quarter of 2011.

Tags: Auto Loans, Delinquencies, TransUnion

May 22, 2014 - Industry News

Auto Loan Debt Reaches Three-Year Mark, Delinquencies Remain Low

Since 2011, auto loan debt per borrower has increased 13%, according to Transunion. The firm also reported that delinquencies experienced a sharp drop from 2013's end-of-year quarter.

Tags: 60-Day Delinquency Rate, Auto Loans, Delinquencies, subprime, TransUnion

December 3, 2013 - Industry News

Delinquencies Rise on Both Quarterly and Yearly Basis, TransUnion Reports

According to TransUnion, the auto loan delinquency rate increased to 1.04 percent in the third quarter. However, the delinquency rate is still well below the third quarter average observed between 2007 and 2013.

Tags: Auto Loan Delinquency Rate, Delinquencies, TransUnion

May 16, 2013 - Industry News

TransUnion, Carfax Partner to Help Finance Sources Measure Risk

TransUnion and Carfax have partnered on a new vehicle history scoring model designed to help finance sources predict credit risk on auto loans.

Tags: Auto Loans, Carfax, TransUnion

May 2, 2013 - Industry News

Gov. Cuomo to Credit Reporting Agencies: Protect Sandy Victims

New York Gov. Andrew Cuomo is demanding that credit bureaus give special allowances for Hurricane Sandy victims. The credit reporting agencies, however, say they are already doing their part.

Tags: Credit Scores, Equifax, Experian, FICO, Hurricane Sandy, TransUnion

March 28, 2013 - Industry News

TransUnion: Credit Unions Focused on Growth in 2013

A new survey from TransUnion indicates that credit union execs are targeting auto loans to fuel their growth this year. One reason cited by executives is delinquencies remain at historic lows.

Tags: auto loan, automotive, credit unions, Delinquencies, TransUnion

December 20, 2012 - Industry News

J.D. Power, LMC: Luxury Share in December Highest Since 2009

In their monthly sales forecast, J.D. Power and Associates and LMC Automotive predict that December will record a SAAR of 12.2 million units. The two firms also expect luxury share to reach its highest level since 2009.

Tags: 2012, December, J.D. Power and Associates, LMC Automotive, luxury sales, SAAR, TransUnion

December 20, 2012 - Industry News

TransUnion: Delinquency Rates to Flatten, Debt Per Borrower to Jump in 2013

TransUnion's Pete Turek issued his 2013 auto finance predictions this week. He expects the delinquency rate to remain consistent and debt per borrower to jump.

Tags: delinquency rate, Peter Turek, TransUnion

December 13, 2012 - Industry News

CFPB: Credit Cards Dominate Consumer Reports

A new report from the CFPB finds that credit cards dominate consumer reports, while debt collection topped the list of disputes.

Tags: CFPB, consumer report, credit agency, Equifax, Experian, Finance, TransUnion

December 4, 2012 - Industry News

TransUnion: 60-Day Delinquency Rate Inches Up, Remains at Near Historic Lows

The credit reporting agency attributes the rise in the auto loan 60-day delinquency rate to seasonal patterns, says the rate is still down 56 percent from a recession high of 0.86 percent.

Tags: 60-Day Delinquency Rate, Auto Loan Delinquency Rate, Peter Turek, TransUnion

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