More subprime auto loans

Imo, credit scores as we know them today will probably undergo a major change in the near future. Sub prime will get a new name. The current fico model keeps adding too much data.
 
spacer.gif

Subprime borrowers drive auto loan origination growth, says N.Y. Fed
spacer.gif

Auto loan debt grew in the first quarter, driven primarily by borrowers in the lowest credit tiers, according to the Federal Reserve Bank of New York. Total auto loan debt in the U.S. rose 4 percent year over year to $1.28 trillion in the quarter, the central bank said. (Automotive News)
 
dealmaker said:
spacer.gif

Subprime borrowers drive auto loan origination growth, says N.Y. Fed
spacer.gif

Auto loan debt grew in the first quarter, driven primarily by borrowers in the lowest credit tiers, according to the Federal Reserve Bank of New York. Total auto loan debt in the U.S. rose 4 percent year over year to $1.28 trillion in the quarter, the central bank said. (Automotive News)
More...
The news is not all bad or worrisome.
Although total household debt grew by $124 billion in the first quarter, the N.Y. Fed cautioned that consumers may be losing their appetites for credit. The number of credit inquiries for all loan types in the past six months declined to around 137 million, the bank said, the lowest level recorded since the Fed began tracking the data. Similarly, account closings reached their highest level since 2010 with 229 million accounts closed within the past 12 months.
More...
 
You must log in or register to reply here.
Back
Top