According to the most recent State of the Automotive Finance Market report, the total balance of open automotive loans increased 11.1% in Q1 2016, reaching $1.005 trillion — up from $905 billion in Q1 2015. This is the first time on record that automotive loans have passed the $1 trillion mark. The report also revealed that subprime loan volumes experienced double-digit growth and overall delinquencies remained low.
With more consumers relying on financing, lenders should monitor credit and delinquency trends in order to adjust strategies accordingly.
>>Webinar: Hear about the latest consumer credit trends
