Monthly Archives: July 2014

Auto Loan Balances Reach All Time High

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.

http://autobulk.com

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.

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.