Great overview of the auto finance market. Key highlights include:
Captives continue to increase market share
Average fico credit scores increase 4 points for new and 8 for used vehicles
Electric vehicles have the highest credit scores with BMW and the Model Y generating the highest by Make & Model
Captives show large share increase for new financing
New financing maintains steady increase in scores
Michigan and the Northeast have the greatest share of new state financing as lease
Honda maintains it’s lead as the most leased make
Subprime new originations reach recession levels
What are consumers financing? Over 55% of new vehicles financed are SUVs
New loan attribute summary: payments reach record high
Leasing payments and terms increase YOY
Vehicle values and LTV increase
72-month loans dominate the quarter
Used loan attribute summary: used loan amounts & term hit record highs while payments surpass $400 for the first time
Experian's full automotive finance analysis is attached below for your review:
