The National Automotive Finance Association (NAF Association) announced July 2 it has published its "Non-Prime Automotive Financing Study 2002." The survey, conducted by outside consultant Bradley Schwai, claims to analyze 2001 year end data to measure growth and changes in credit terms and practices in the non-prime auto lending industry.
According to NAF Association, a questionnaire was sent to companies engaged in non-prime auto lending, and 29 companies responded. More than three quarters of those responding were from independent finance companies, banks or holding companies. In 2001, the mean portfolio size of those companies was $982 million.
The company says the survey reports on booking rates, gives insight into the loan process, contract terms, dealer relations and credit quality. Data from this and previous surveys were compared. Last year's survey introduced questions about Internet use. This year's survey found that although the rate of bookings to traditional applications was down slightly for the year, the booking rate for applications received over the Internet doubled.
The 2002 survey is available to NAF Association members for $200 and for $300 to non-members. Those who responded to the questionnaire receive a complimentary copy of the report for their participation in the survey.
The National Automotive Finance Association is the only trade association exclusively serving the non-prime auto lending industry.
For information on ordering the survey, contact NAF Association at 800-463-8955 by phone, (412)885-1986 by fax and jtracey@nafassociation.com by e-mail.
