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Experian Information Services’ Q4 2010 report provides a positive report on automotive credit from both volume and delinquency perspectives.
The company’s Q4 2010 report shows automotive credit overall continuing to strengthen as 30- and 60-day loan delinquencies exhibited sharp declines. The report also showed the share of loans to credit-challenged new vehicle shoppers grew by 18.2% in the fourth quarter of 2010 compared with the fourth quarter of 2009.
Originations began to loosen in the second half of 2010 while used vehicle financing decreased year-over-year in the highest risk tier, Experian noted. New financing increased all segments, including an 18% growth in subprime new financing. Consumer loans grew a modest amount from last year and new payments were down while used payments showed a slight increase.
For more information and a set of sides from the report read the article in Credit Union Times: http://www.cutimes.com/2011/05/15/slide-show-credit-unions-hold-own-in-auto-loan-per
Graphic from Credit Union Times.