Posts Tagged ‘storm damage’

Storm Damage: Auto Lenders Brace for Losses

Posted on November 08, 2017 by Laura Lam

U.S. auto lenders are starting to tally the financial damage from late-summer hurricanes that destroyed an estimated 500,000 to one million vehicles.  So far, the impact on lenders has been relatively small, since many of them are offering forbearance to car owners who are struggling to rebuild their lives. Moreover, the biggest U.S. auto lenders have less than 10% market share, so hurricane-related losses will be spread widely across the sector, hitting credit unions and the financing arms of automakers in addition to banks. Still, the industry’s eventual losses seem likely to run into the hundreds of millions of dollars…