A Good Deal
Rising auto loan delinquencies, though bad news, could be another opportunity for agents to help dealers come down from pandemic highs.
Rising auto loan delinquencies, though bad news, could be another opportunity for agents to help dealers come down from pandemic highs.
Extending credit to high-risk customers is harder, but there are ways to get those customers into loans.
Replacement demand from hurricanes Harvey and Irma should provide a temporary boost in new-vehicle demand to open 2018, but TransUnion officials said consumers will shift toward the used-vehicle market as finance sources continue to tighten credit underwriting standards.
The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.
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