Based on new-vehicle registration data collected by Experian Automotive, industry sales have returned to prerecession levels. Crossover utility vehicles and the state of California have led the way, accounting for 23.9% and 11.8% of all new-vehicle registrations, respectively.
Experian Automotive reported that outstanding loan balances are now up more than 53% from the post-recession low in 2010.
The Comptroller of the Currency warned in a speech delivered yesterday that the pace of auto lending reminds him of the mortgage industry in the run up to the 2009 financial crisis.
The rise in new-vehicle prices continued in the second quarter, with more consumers turning toward the used market and leasing. Loan terms also continued to stretch.
The total dollar volume for outstanding automotive loan balances grew by $92 million from the second quarter of 2014 to the second quarter of 2015, the largest dollar volume growth since 2006, according to a report from Experian Automotive.
Experian Automotive's review of the American muscle car resurgence found that Chevrolet Corvette and Dodger Viper buyers tend to pay cash, while the Dodge Charger was the most leased muscle car.
The average loan term for new and used vehicles has increased by one month, reaching new all-time highs of 67 and 62 months, respectively, according to a new report from Experian.
In the first quarter of 2015, the percentage of automotive loans that fell within the subprime and deep subprime risk categories made up 19.7% of the market, the lowest share since 2012, according to Experian Automotive.
Latest Experian study shows consumers buying an alternative-powered vehicle are more likely to pay cash than those buying a gas-powered vehicle
Experian Automotive reported this week that average dollar amount for both new and used vehicle loans reached all-time highs in the third quarter, climbing to $27,799 and $18,576, respectively.
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