The percentage of new-vehicle loans made to credit-challenged car buyers was at 15.1% in the second quarter of 2014, down from 22.1% in the same period in 2013, according to Experian Automotive.
A monthly report from the firm shows that subprime auto lending has been fairly stable since 2012, and that originations have been shifting toward the higher end of the subprime credit-score spectrum, despite reports of an imminent ‘bubble’ in subprime lending.
The market research firm says improvements in several key metrics last month are setting the stage for a spring rebound in vehicle sales.
A new brand loyalty report from CarFinance.com found that below-prime car buyers are less loyal than the average car buyer. Kia topped the list of brands this group is most loyal to.
Subprime loan programs with automatic interest-rate reductions are great for both dealers and their customers, but could run afoul of TILA standards.
Two years ago Douglas Duncan started Global Lending Services, a company that is now on the path to becoming a national player in that segment.
Setting up a process to handle subprime customers takes a serious commitment starts with the dealer and extends all the way through the store.
It's the best time of the year for special finance- that's if you've planned appropriately. If you haven't, the SF guru provides a checklist you'll need to get your operation primed for tax season.
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