Consumers Choosing More Practical Vehicles, Says CarFinance.com
Below-prime consumers are sticking with sensible and durable vehicles, according to CarFinance.com’s Top 10 list of most frequently refinanced vehicles.
IRVINE, Calif. — CarFinance.com released a report of the Top 10 most frequently refinanced vehicles since 2012. Results showed that consumers are choosing more economical vehicles and are keeping them longer.
The report revealed that below-prime car owners — those consumers who are focused on lowering their interest rates and/or monthly payments through refinancing — tend to own sensible and durable vehicles. Mid-size sedans with a reputation for longevity and value, such as the Nissan Altima, Honda Accord and Toyota Camry, dominate the firm’s list, while durable domestics Chevrolet, Ford and Dodge are the Top 3 brands, respectively.
“As this list indicates, these are generally sensible consumers owning practical vehicles and making prudent choices to help them weather and survive an economy that has challenged so many,” said CarFinance CEO Jim Landy. “This is not a list dominated by luxury vehicles — quite the opposite. And with longer ownership cycles and the quality of even the most economical of vehicles higher than ever before, making that investment work for the long term can make a lot of sense in the current economic climate.”
According to CNW Research, auto loan refinancing could top 14.1 percent of existing contracts in 2014, a 12 percent percentage increase since 2012, and a 228 percent increase since 2009. CNW attributed the rise, in part, to the fact that many consumers who purchased during the recession were hit with high interest rates — and refinancing offers the chance to lower that rate.
CNW’s findings are reflected in CarFinance.com’s data, which showed that recession-year models (2007/2008) were among the most refinanced model years. The data also speaks to the greater longevity of today’s vehicles.
The Top 3 model years for refinanced vehicles by below prime consumers were 2008, 2010 and 2007, respectively.
More F&I

How AI-Powered Coaching Is Transforming F&I Performance
See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability
Read More →
Sell Value, Build Trust
In this video, Trent White explains why selling on value, not fear, builds lasting customer trust, reduces cancellations, and drives long-term success.
Read More →
F&I Sales Give Dealers First-Half Lift
Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.
Read More →
Targeted Training Drives Results
Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.
Read More →
Double the Change, Double the Chance
When an F&I manager gets a customer refusal, it’s a wise move to tweak more than one thing in the product offering.
Read More →
Just Do It
F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →
Leading with Purpose
In this video, Trent White explains how understanding your people’s 'why' is a key leadership responsibility of F&I professionals and how that mindset drives dealership engagement, trust and performance.
Read More →
Integrating Nontraditional F&I Products
The niche presents a strategic advantage for auto dealerships as they move to adapt to fast-changing consumer expectations in today’s market.
Read More →
Trust Is Personal
Technology, no matter how efficient, can’t replace what the human F&I manager can do, which is to bridge the divide between cyberspace and the in-store experience.
Read More →