Lanes Open for Prime Tiers
Sixty-day delinquencies are on the decline and credit quality continues to improve, but lenders still favored prime customers in the first quarter.
Sixty-day delinquencies are on the decline and credit quality continues to improve, but lenders still favored prime customers in the first quarter.
The auto finance market continued to stabilize in the fourth quarter, as the crash of 2008 continues to become a distant memory. New financing, however, will remain the domain of the prime and superprime tiers in the months to come.
Copart Inc., an online vehicle auction company, has integrated Dealer Services Corporation (DSC), an independent used-car financing company, into its Website, www.copart.com, allowing Copart members to select and pay for vehicles by accessing their DSC account.
Automotive loans that are 60 days past due rose by 21.7 percent in the second quarter 2009 compared to the year-ago period, according to Experian Automotive.
Not only are lenders staying away from anything subprime, they’re also pushing more consumers toward the used-vehicle market. And with more than $5.7 billion in loans reported 60 days delinquent, Experian Automotive predicts further market volatility.
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