The Industry's Leading Source For F&I, Sales And Technology

Top News

Fewer Borrowers Approved for Auto Loans, Reports CNW

April 2, 2008

Reporting on how lenders are cutting back on auto loan originations, the Wall Street Journal quoted recent CNW Research statistics that both prime and subprime credit applications aren’t receiving the same number of approvals as they once were.

CNW reported that in the first few months of 2008, about 90 percent of loan applications from prime borrowers were approved, a decline from the 92.5 percent approval rate from the same period last year.

Of those auto-loan applications received from subprime borrowers, 57 percent were approved, down from 68 percent in the first few months of 2007.

CNW also reported that loan applications are being sent to more lenders before being approved.

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  



March Auto Sales Continue Downward Trend

March auto sales for most automakers continued on a downward trend. Audi, BMW, Chrysler, Ford, GM and Toyota reported sales declines compared with last March, but Honda and Nissan bucked the trend with higher sales then what was reported for the same month last year.