Description
As Americans suffer from upside down
mortgage payments and from stagnating wages, there continues to be a large
portion of “payment buyers” in the automotive lending sector; these are buyers
who care more about their monthly payments than the net expense of the
financing. These borrowers will benefit more from longer loan terms and longer
lease installments.
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Table of Content
Scope and Themes
What you need to know
Definition
Data sources
Sales data
Consumer survey data
Abbreviations and terms
Abbreviations
Terms
Executive Summary
The market
Auto debt stands near $800 billion –
growing, but still below peak.
Figure 1: Auto loans, total
outstanding debt, 2003-13
Market factors
As credit loosens, subprime lending
is on the mend
Figure 2: Subprime lending growth,
2008-13
Demand for leasing increases as
residuals strengthen
Figure 3: New lease share of new
vehicle financing, 2009-13
Increasing educational debt could
impact Millennials and their ability to obtain vehicle financing
Figure 4: Student loans, total
outstanding debt, 2003-13
Retail channels
Retail banks lead new and used
financing; captive lenders dominate leasing
Figure 5: Automotive loan (excluding
leasing) market share, Q1 2013
Key players
Top 20 lenders comprise more than
50% of the vehicle financing market
Figure 6: Top 10 lenders, by total
retail automotive loan market share, Q1 2013
The consumer
71% of adults have a prime credit
score
Figure 7: VantageScore groups,
October 2011-November 2012
More than 1 in 10 pay 0% APR
interest on their vehicle loan
Figure 8: Interest rates (APR) paid
on auto loans, March 2013
Most car owners pay with a
combination of cash and financing
Figure 9: Household vehicle
ownership, by payment method, March 2013
Consumers figure out what car … then
figure out how to afford it
Figure 10: Attitudes toward buying
and financing vehicles, March 2013
Most potential borrowers interested
in 0% APR incentives
Figure 11: Loan and leasing
incentives and features of most interest, March 2013
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