Subprime auto loans up
Experian recently announced that loans in the risk tiers including nonprime, subprime and deep subprime auto loans, accounted for more than 25 percent of all new car loans during the second quarter of 2012. The information also showed that loans to customers with bad credit was up 14 percent during the second quarter on a year-over-year comparison.
"Despite the rise in subprime loans overall, there is still a strong sense of managing risk," said Melinda Zabritski, director of automotive credit for Experian Automotive. "Because the overall lending environment has improved, lenders are making loans available to a wider range of customers. This is good for manufacturers and dealers, as it allows them to sell more vehicles."
Zabritski did add however that the loan-to-value ratios were lower during the second quarter when compared to a year ago, showing that "lenders are not willing to throw caution to the winds."
Ford believes its Focus is the best selling car in the world, while Toyota is arguing that the Corolla takes the top spot. When looking at the numbers, Ford has sold 489,616 units of the Focus while Toyota has sold 462,817 units of the Corolla. But Toyota argues that its Corolla body style is seen in different names and the sales of these units are not included in these numbers. Either way its too close a comparison to call.
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Source: http://www.autonetfinancial.com/news/543460/subprime-auto-loans-up/
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