F&I and Showroom, April 2014
Auto Finance The unusually cold weather that impacted much of the economy didnt slow down the auto fi nance industry which reached new highs in several critical metrics By Melinda Zabritski T he U S economy was bogged down by unusually cold weather at the close of 2013 but it wasnt all bad news While everyone else was sloshing through the gloom it was all sunny skies for the auto fi nance industry which reached new milestones in several critical areas In the fourth quarter total outstanding loan balances leasing and average loan amounts all reached new highs Consumers also continued to make their payments on time with delinquency 30 F I and Showroom April 2014 rates falling during the endof year quarter The only area of concern was the repossession rate which showed a sizable increase from a year ago The following is a recap of key trends from the fourth quarter 2013 Record High Balances Outstanding automotive loan balances jumped 11 from a year ago to 7985 billion in the fourth quarter 2013 the highest level since Experian Automotive started publicly reporting the data in 2006 The increase in Top 10 Auto Finance Sources by Market Share 1 Wells Fargo 578 2 Chase 476 3 Ally 458 4 Toyota 453 5 Capital One 410 6 Ford 356 7 Honda 342 8 Nissan Infi niti 267 9 Chrysler 167 10 Santander 158 CLOUDS PART FOR AUTO FINANCE ISTOCKPHOTO COM EHSTOCK
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