Posts Tagged ‘used car’

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…

Shifting Gears: Used Cars Popular with Prime Buyers

Posted on September 09, 2016 by Laura Lam

Car buyers with the best credit records are shifting gears, with more of them taking out loans for used vehicles instead of new ones. That’s one of the findings of the latest report on auto loans by Experian Automotive.  “One of the biggest trends we continue to see is the shift into used vehicles by customers with excellent credit,” said Melinda Zabritski, senior director of automotive finance for Experian. In the second quarter of this year, 43.3% of consumers with the highest credit rating who took out an auto loan, did so to buy a used vehicle. That’s 10% more…