More consumers in the prime and superprime credit tiers opted for used vehicles as concerns around affordability grew in the first quarter, according to the latest report from Experian.
An analysis of more than 35,000 loans for pre-owned vehicles on the LendingTree platform finds Tesla, Porsche, and Lexus buyers had the highest average credit scores.
Edmunds says the average APR for a U.S. new-vehicle loan was 6.36% in March, putting dealers and consumers on the cusp of a ‘dramatic shift’ toward the used-car market.
Software provider DealerBuilt agreed to implement security protocols to settle an investigation into a data breach that exposed the personal information of customers and employees at more than 100 dealerships nationwide.
Defi SOLUTIONS is the first loan origination platform to include Black Book’s History Adjusted Valuations data feed. Users can now identify undesirable deals prior to the origination process, improve advance amounts, prevent fraud, and use HAV to set floors more accurately when remarketing.
The subprime finance source has selected Dealertrack's Accelerated Title solution to handle its title and release process for dealers accepting cars in on trade.
CDK Global announced on Tuesday that AutoFi has agreed to consume digital retailing APIs from the Fortellis Automotive Consumer Exchange Platform. Equifax, one of the platform’s inaugural publishers, also said on Tuesday it will publish new APIs for the platform.
Total outstanding auto portfolio balances reached $1.27 trillion through May, the first time balances have surpassed $1.25 trillion.
A coalition of 14 attorneys general warned CFPB Acting Director Mick Mulvaney against taking any action to reinterpret ECOA as not providing for disparate impact liability — signaling that the fight over dealer participation might not be over.
Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.
