Experian’s Q2 auto finance report consumers continue to uncover ways to manage monthly payments. For a record percentage of prime borrowers, that meant passing on a $32,000-plus new-vehicle loan in favor of a pre-owned unit.
Experian’s Ascend platform now includes a loan portfolio modeling tool built in collaboration with Oliver Wyman and designed to help finance sources comply with new current expected credit loss standards.
The auto finance segment is growing at a healthy rate, but average new-vehicle loan amounts are outpacing the market, driving an increasing number of car buyers — including those with prime and superprime credit scores — out of the showroom and onto the used-car lot.
TransUnion analysts report more consumers in the prime and superprime credit tiers are choosing to buy used as off-lease units continue to flood the market, offering a budget-friendly alternative to increasingly expensive new cars.
Sagent Lending Technologies announced an enhancement of its identity-management and fraud-detection capabilities credited to a new collaboration with Experian.
More consumers in the prime and superprime credit tiers opted for used vehicles as concerns around affordability grew in the first quarter, according to the latest report from Experian.
A new solution from CoreLogic Credco was designed to help auto dealers efficiently prequalify potential customers via soft-pull credit reports and scores from all three national credit bureaus.
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.
The new offering is designed to help finance sources better serve consumers across the credit lifecycle, providing insight into historical consumer behavior across all three credit bureaus.
Auto financing extended to subprime and deep-subprime car buyers fell 4.5% from a year ago, as the auto finance industry continued to squash fears of a forming subprime bubble. Newly originated loans made to prime car buyers jumped 2% to encompass nearly 60% of auto loans originated during the period.
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