Cox Automotive reported that auto loan performance remained a mixed bag in September. Delinquency rates continued to rise but are not translating to higher defaults rates. The share of loans delinquent for 60 or more days increased for the fifth month in a row in September and was up sharply on a year-over-year basis. Moreover, the percentage of loans severely delinquent edged upward in September, reaching the highest rate for this time of year in at least 17 years. The same was true of the subprime segment.
On the good news side of September’s ledger, Cox reported that loan defaults fell by nearly 10 percent during the month, driven by improvement in the subprime segment. Still, both overall and subprime defaults exceeded their year-ago rates.
Meanwhile, there was a small bit of good news for the prospective car buyer. Cox’s Dealertrack Credit Availability Index showed modest improvement in September. The index is derived from Dealertrack credit application data and accounts for factors such as approval rate, subprime share, equity position and yield spreads, among others. Although the index increased by 0.2 percent in September, it is nearly 6 percent below its level at this time last year.
Business Partner Webinar | How to Retain Market Share Amid Declining Auto Originations
Oct 13, 2023
October 19, 2023 at 2:00pm EST
U.S. auto originations are largely trending down – 9.4% YoY decline – according to the TransUnion Q2 Credit Industry Insights Report. The rejection rate for auto loans rose to 14.2% in June 2023 from 9.1% in February… Read the rest
Business Partner Webinar | Auto Finance Innovation: When To Build, When To Buy?
Oct 09, 2023
Auto Finance Innovation: When To Build, When To Buy?
October 12, 2023 | 2:00 p.m. ET
Continuous digitization is a must in today’s world. But with limited resources, time and budgets, it can be tough to know what path to take. Should you build an… Read the rest
2023 Annual Meeting Breakouts
Sep 21, 2023
The AFSA Annual Meeting is full of great general sessions and breakouts, too. Don’t miss out on two concurrent sets of breakouts Wednesday morning!
Wednesday, October 4th at 10:00 a.m. – 10:45 a.m.
Fraud in the Age of AI
The rapid… Read the rest
Save the Date | 2024 Vehicle Finance Conference & Expo
Sep 14, 2023
Influential Speakers. Gain insights and inspiration from incredible speakers, including our keynote: Gian Paul Gonzalez, the New Jersey teacher who inspired the New York Giants before the 2012 Super Bowl … and such Fortune 500 companies… Read the rest
TODAY | Hotel Room Cut Off for 2023 Annual Meeting
Sep 08, 2023
Did you reserve your room yet?
If not, you’re running out of time. The deadline for hotel reservations at AFSA’s special rate for the 2023 Annual Meeting is TODAY, September 8th!
The rooms won’t last. For more information… Read the rest
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