Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Auto Lenders Return to Subprime Borrowers

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  • Auto Lenders Return to Subprime Borrowers

    Collections & Credit Risk | Tuesday, September 4, 2012

    Subprime borrowers are receiving as large a portion of new car loans as they did immediately before the start of the financial crisis in 2007, according to a study by Experian Plc's auto finance research unit.

    Outstanding auto loans rose to $682 billion at the end of the second quarter, still less the $701 billion in 2007, despite standards being eased. The balance, however, was up an estimated 5% from a year earlier.

    Subprime borrowers received 25.4% of all loans on new vehicles in the three months ending June 30, up from 22.3% in the same period a year ago and more than the nearly 25% at the start of the economic downturn, according to the report released Tuesday. The report also found U.S. lenders more aggressively making loans to subprime borrowers of used cars. Subprime borrowers received 56.5% of loans on used cars in the quarter, up from 52.7% a year earlier.

    Banks and other lenders are under pressure to make up for profits lost to shrunken loan portfolios and low interest rates that persist five years after the financial crisis began.

    But lenders are showing caution on another key front: how much they lend against the value of new vehicles, according to Melinda Zabritski, director of automotive credit for Experian. The average loan-to-value on new cars was 109.6%, down 0.61 percentage points from a year earlier.

    "Despite the rise in subprime loans overall, there is still a strong sense of managing risk," Zabritski said in a statement. "Because the overall lending environment has improved, lenders are making loans available to a wider range of customers."

    The average amount financed for a new car rose $474 to $25,714. For a used car, the average amount financed rose $370 to $17,433. The average time to repay new and used car loans increased by one month, to 64 months for new cars and to 60 months for used cars.

    Lenders have been encouraged by the fact more borrowers are making payments on time. The percentage of loans delinquent 30 days fell in the quarter to 2.52% from 2.59%. Experian uses a proprietary scale to score the credit history of borrowers and determine which are prime and which are subprime.

    By Darren Waggoner
    Last edited by frogger; 09-18-2012, 10:03 AM.
    All information contained in this post is for informational and amusement purposes only.
    Bankruptcy is a process, not an event.......

  • #2
    what I dont understand is how anyone can NOT know they cannot afford the payments going in?

    While the lenders should be punished for offering / pushing through these types of loans - half of the responsibility (or more) also falls upon the individuals applying (and accepting) these loans and terms as well.

    Unfortunately we're now in a society of "want it now - worry later" mentality.....

    Sheep to slaughter for sure - but I do believe there are a few that also turn a blind eye to the entire situation, then yell "no fair - FOUL!" when they knew better to begin with.

    Thanks for sharing little green buddy


    • #3
      Isn't this what started the downward spiral of the economy? I guess we're going in circles.
      Filed August 20 341 on September 23 Report of No Distribution - September 24 Case Discharged and Closed on November 23!!!


      • #4
        Originally posted by drowning123 View Post
        Isn't this what started the downward spiral of the economy? I guess we're going in circles.
        Don't worry. The gubmint is going to have the banks doing the CRA (Community Reinvestment Act) loans again too.
        All information contained in this post is for informational and amusement purposes only.
        Bankruptcy is a process, not an event.......


        • #5
          Originally posted by drowning123 View Post
          Isn't this what started the downward spiral of the economy? I guess we're going in circles.

          This is correct! In a debt based monetary system such as ours the only way to keep the economy from crashing is to issue more credit. All fiat money is loaned into existence.

          What so many people and politicians can't seem to figure out is the Western world and Japan has reached it's limits. We are in a condition of debt saturation. Too much debt for non productive items that produce little or no return and the borrowers can't pay the principal plus interest.

          The big inflation that we are currently experiencing with food and gas is a result of all of this money and credit creation which is weakening the dollar.

          We have been "going in circles" for the last 40 years where each boom is followed by a bust and they get bigger and bigger. The next one will be the final bust before we finally change monetary systems.
          The essence of freedom is the proper limitation of Government


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