Auto Loans Top $1T; Sub-prime Loans Grow 10 Percent Over 2014

Credit-reporting agency Equifax says that as of June 2015 more than $1 trillion has been loaned or leased in the United States. The total dollar amount is 10.5 percent higher than last year.

The average loan amount is $20,800, which is a 3.65 percent increase over last year, and the average sub-prime loan is $18,200. Sub-prime loans comprised 23.5 percent of newly originated auto loans.

More than 9 million new loans were made up to April 2015, which is a 5.8-percent increase over last year. Overall, more than 73.7 million cars are financed through loans in the U.S.

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Equifax Now Reporting On How Rejected Loans Perform

Credit Unions will now be able to follow up with applicants who were unable to procure loans, and see if they pursued credit at other institutions, thanks to a new service from Equifax.

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Equifax: Auto Lending At Record Highs, Delinquencies At Record Lows

Six years after the dark days of the Great Recession, automotive lending is back on the rise, while delinquencies on those loans remain grounded.

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  • Lou_BC Stupid to kill the 6ft box in the crewcab. That's the most common Canyon/Colorado trim I see. That kills the utility of a small truck. The extended cab was a poor seller so that makes sense. GM should have kept the diesel. It's a decent engine that mates well with the 6 speed. Fuel economy is impressive.
  • Lou_BC High end EV's are selling well. Car companies are taking advantage of that fact. I see quite a few $100k pickups in my travels so why is that ok but $100k EV's are bad? The cynical side of me sees car companies tack on 8k premiums to EV's around the time we see governments up EV credits. Coincidence? No fooking way.
  • EBFlex "I'd add to that right now, demand is higher than supply, so basic business rules say to raise the price."Demand is very low. Supply is even lower. Saying that demand is outstripping supply without providing context is dishonest at best.
  • IBx1 Took them long enough to make the dashboard look halfway decent in one of their small trucks.
  • Mcs You're right. I'd add to that right now, demand is higher than supply, so basic business rules say to raise the price. The battery tech is rapidly changing too. A battery tech in production today probably won't be what you're using in 2 years. In 4 years, something different. Lithium, cobalt, and nickel. Now cobalt and in some cases nickel isn't needed. New materials like prussian blue might need to be sourced. New sources might mean investing in mines. LMFP batteries from CATL are entering production this year and are a 15% to 20% improvement in density over current LFP closing the density gap with NCA and NCM batteries. So, more cars should be able to use LMFP than were able to use LFP. That will lower costs to automakers, but I doubt they'll pass it on. I think when the order backlogs are gone we'll stop seeing the increases. Especially once Tesla's backlog goes away. They have room to cut prices on the Model Y and once they start accumulating unsold vehicles at the factory lot, that price will come tumbling down.