The balance of auto loans through June was $902.2 billion, an all-time high, according to Equifax Inc.’s National Consumer Credit Trends Report, released today. Loan balances were up 10% from the same time a year ago. “Auto lending continues to thrive, accounting for more than 50% of all new non-mortgage lending.
Monthly Archives: July 2014
Report Shows 35 Percent of American Adults are Currently in Collections
More than 35 Percent of American Adults are Currently in Collections: Report
A joint study from the think tank Urban Institute and debt buyer Encore Capital Group released today reported that more than 35 percent of U.S. adults with a credit report have accounts that qualify to be in some stage of the debt collection system. The average balance of those accounts is $5,178.
OutstandingAuto Note Balances Top 900B
ATLANTA — With the subprime slice at levels “essential for a healthy economy,” the latest Equifax National Consumer Credit Trends Report indicated the total balance of auto loans midway through 2014 soared to a record high.
Sparked by a growth rate of more than 10 percent, Equifax said on Thursday the total balance of auto loans in finance company portfolios now stands at $902.2 billion.
BMW to Increase Production in China
Used Car Sales
BMW AG announced that it will be making three new models in China this week, significantly increasing its production in the region. The German carmaker said these new models would increase the number of models it manufactures in the world’s largest auto market to Six from three
Sonic Breaks Used Sales Record Hits Goal of 100 Units Per Store
Used Car Sales
CHARLOTTE, N.C. — As the public dealer groups began reporting their second-quarter performances in full force, Sonic Automotive revealed it reached an all-time high for used sales.
The company sold a record 28,514 pre-owned units in Q2.
Pre-owned units sales per store per month were up, as well, reaching 100 units in May and 93 units for the second quarter as a whole.
CAC Extends Warehouse Facility
Credit Acceptance Corporation, or CAC, said on June 23 that it had extended the maturity of its credit facility with a commercial bank syndicate by another year, from June 23, 2016 to June 23, 2017. Bank of America Corp. and RBS Citizens make up the syndicate.
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