High prices for new and used cars were the norm in 2021, but if there were any hopes that prices would go back down this year, they may have already been dashed. In a recent interview with CNBC, the head of data and analytics for J.D. Power, Tyson Jominy, revealed that an estimated 89% of […]
Auto Loan Residual Values At Historic Highs
The COVID-19 pandemic brought about disruptions and changes to the auto market that likely won’t be seen again once the world is fully back to normal. While buyers and lenders alike have been hit hard by the negative consequences, such as lack of inventory due to the shortage of key components, current auto loan borrowers […]
As Consumers Defer Purchases, What Will Become Of Lending?
For credit unions looking to make more mortgages and auto loans, there’s no doubt that there is demand for both homes and cars, and plenty of American consumers do have the means necessary to make such a large purchase. The problem is that those same consumers are not making the choice to buy right now. […]
Slow and Steady Auto Loan Growth And Improving Quality
Despite the COVID-19 pandemic, auto loan growth is making a comeback. In a recent Callahan and Associates analysis reported in Credit Union Times, compared with the third quarter of 2019, total auto lending grew 1.2%, or $4.5 billion, to $382.7 billion outstanding. As the economy reopened in the third quarter of 2020, growth has begun to […]