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Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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SEARCHMENUSEARCHMost financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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An analysis of more than 35,000 loans for pre-owned vehicles on the LendingTree platform finds Tesla, Porsche, and Lexus buyers had the highest average credit scores.
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Swapalease.com’s Q1 latest report finds only 11.2% of lease-exchange customers favored luxury sports sedans in the first quarter, down from 17.7% in Q1 2018.
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Wantalease.com reports 75% of auto lease prices have remained largely flat so far in April, but several Ford models became more expensive after an incentive-laden March.
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President Trump kicked off a weeklong public awareness campaign for the 2017 Tax Cuts and Jobs Act with a visit to Nuss Truck and Equipment in Burnsville, Minn.
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Black Book and Fitch Ratings’ annual used-vehicle depreciation and auto ABS report predicts a 15% depreciation rate for U.S.-registered vehicles, up from 12.4% in 2018.
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Thirty- and 60-day delinquencies remained fairly stable in the fourth quarter, while affordability rightfully remains a key point of discussion among dealers and auto finance sources.
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Approval rates on Swapalease’s online marketplace were up 4.8% in March, registering a 70.7% approval rate, the highest since October.
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Black Book’s Used Vehicle Retention Index slipped again in March but showed a 1.7% year-over-year gain heading into April, when analysts expect the spring selling season to begin in earnest.
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Edmunds says the average APR for a U.S. new-vehicle loan was 6.36% in March, putting dealers and consumers on the cusp of a ‘dramatic shift’ toward the used-car market.
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The U.S. new-vehicle sales forecast improved to 17.42 million units in March, but sales fell 3.1% year-over-year against slowing demand fueled by higher interest rates, prices, and payments and reduced incentive spending.
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