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of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum
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We witnessed many changes in the automotive industry since the beginning of the pandemic, but one thing that has stayed consistent is consumers’ desire for larger vehicles, such as SUVs and crossover utility vehicles (CUVs). In fact, they have sustained dominance in the automotive finance market for some time now—partly due to the advancements among newer models, such as increased fuel efficiency and additional cargo space. According to Experian's State of the Automotive Finance Market Report: Q1 2022, SUVs and CUVs made up 60.38% of total vehicle financing, an increase from 58.95% in Q1 2021. Since consumer preferences for larger vehicles have become more prominent, we’ve seen the average loan amounts rising for a while—but this has been exacerbated by the pandemic, with inventory shortages and high consumer demand becoming a core challenge in the automotive industry. In Q1 2022, the average monthly loan payment for a new vehicle was $648, compared to the average monthly lease, which increased to $522. And the average monthly payment for a used vehicle surpassed $500 this quarter, coming in at $503. Larger vehicles dominate top leased models While consumers often lean towards used vehicles as they search for the most budget-friendly option, another option to consider is leasing, as they tend to have a lower monthly payment than a loan. In Q1 2022, there was a $126 difference between average monthly payments of a lease and a new loan. This is why it’s important for professionals to understand the most prevalent leased vehicles on the market and their price points. This enables them to assist consumers when searching for a vehicle that fits their needs and budget. With consumers opting for larger, more expensive vehicles such as SUVs, CUVs and full-size pickup trucks, it’s no surprise they made up majority of the top 10 leased models in Q1 2022. While the Honda Civic made up the highest percentage, it is important to note that it was the only sedan among the top leased vehicles in Q1 2022, accounting for 2.25% of leasing. It’s really in the new CUVs and SUVs where you can see the difference in monthly payments between a loan and a lease. For instance, the Mazda CX-5 had an average monthly loan payment of $460 this quarter and the average monthly lease payment was $365. While the Chevrolet Equinox was not too far behind, with an average monthly loan payment of $444 and an average monthly lease payment of $319 in Q1 2022. Consumers have also opted for new CUVs, such as the Honda CR-V, which had an average monthly loan payment of $474 and an average monthly lease payment of $371. Similarly, the Ford Escape had an average monthly loan payment of $436 and the average monthly lease payment was $349. As we continue to witness automotive financing trends evolve, analyzing the ongoing insights will enable dealers and lenders to help consumers find the most budget-appropriate options in their search for a vehicle that best fits their needs. To learn more about leasing and other automotive finance trends, watch the entire State of the Automotive Finance Market: Q1 2022 presentation on demand.
This post was updated in 2022. Fraud prevention can seem like a moving target. Criminals often shift from one scheme to the next, forcing organizations to play catch up to protect consumers’ identities and funds. But with the right technology, it’s possible to implement a fraud solution that provides protection and enhances the consumer journey. The pandemic fraud boom Government stimulus funds, COVID-19 testing and the loosening of business controls were a boon for criminals and levied an immense cost against businesses and consumers. Consumer fraud losses rose to $3.3 billion in 2020, up from $1.8 billion in 2019. The rapid increase in digital activity had two significant impacts. First, it shifted new account applications to the digital channel, where increased anonymity favors fraudsters by creating an environment where identity thieves could hide among the immense volume of applicants and monetize stolen personally identifiable information (PII). Second, it fueled account takeover (ATO) attacks by introducing digital “newbies” with unsophisticated password habits and limited ability to recognize and protect themselves from malware or social engineering, making them easy targets for credential theft. The return of old-school fraud Now that businesses and consumers are growing wise to some of the fraud schemes brought on by the COVID-19 pandemic, criminals are turning to new avenues, including tried-and-true methods like account opening and ATO fraud. New account fraud is expected to cost U.S. financial institutions $3.5 billion in 2021 alone. Fraud organizations will take the PII available and match it with automated tools to increase their efficiency and success rates while continuing with phishing and other schemes to gain new information that can fuel further attacks. Building a fraud solution Staying ahead of fraudsters may feel like a losing proposition but equipped with the proper fraud controls, you can enhance the customer experience, increase operational efficiency and protect against developing fraud schemes. With a fraud solution that uses multiple tools in concert, it’s possible to recognize, verify and holistically risk assess most consumers that pass through your portfolio. The right platform — ideally one that can call upon different services to perform each job — will enable your organization to flag suspicious activity, increase insight into large-scale attacks, track risky users and break down traditional internal silos. By coordinating efforts and adding multiple touchpoints to run both in the foreground and background, you can ensure the right friction is applied at the right time without diminishing the end-user experience. In fact, by improving your recognition tools, you can make the experience for recognized, legitimate customers even easier. To learn more about the potential impacts of traditional fraud and how your organization can leverage a fraud prevention solution to achieve your retention and growth goals, read our latest white paper or request a call. Read white paper Schedule a call
Mortgage lenders are no stranger to income and employment verification. Leveraging a third-party solution provider for automated verifications is a standard practice in mortgage underwriting. Yet many lenders still struggle with time-consuming and complex verification experiences, which can be manual, inefficient and painful for borrowers. Since introducing Experian Verify™ to the market, we’ve had countless conversations with key players in the industry – from the largest banks to small independent mortgage brokers and everything in between. Through these conversations, we’ve learned quite a bit about some of the dos and don’ts when it comes to implementing a successful strategy for income and employment verification for mortgage. Lead with instant verification Digital transformation has forever changed borrower expectations for online experiences. The first key to a successful verification strategy is starting your workflow with an instant verification solution. This allows you to verify information in real time, delivering a completely frictionless experience for you and your borrowers. Consider building a waterfall process For instances when a borrower’s income and employment information is unable to be verified through an instant verification solution, add a consumer-permissioned (bank or payroll) option as a backup. Cascading from one digital solution to the next will ensure you can verify borrower information in seconds or minutes, as opposed to days or weeks. The goal is to prevent as many borrowers as possible from going through a costly manual process. Tap into unique data sources Many verification solutions in market today tap into the same data sources, which can make it difficult to differentiate between solutions and measure additive benefits. When evaluating options, look for verification solutions that leverage unique and exclusive data sources – allowing you to optimize hit rates and maximize value. Avoid a “one-size-fits-all” approach There is no silver bullet. Every market is unique and every lender has different needs. Your verification requirements are likely specific to your business, which means you need to leverage verification solutions that offer flexible options and enable you to build a verification experience that works best for you and your borrowers. Find a solution provider who’s all in It’s important to find a solution provider where income and employment verification isn’t just a “side hustle,” but is core to their business strategy. Find a provider who is fully committed – delivering new innovations, investing in key partnerships, maximizing accessibility through leading LOS / POS technology providers, and offers eligibility for key industry programs, such as Day 1 Certainty® from Fannie Mae. Challenge the status quo Many lenders have an existing relationship with a third-party solution provider. But it’s important not to put all your eggs in one basket. If your existing provider is not meeting all your needs, challenge the status quo. Consider adding a second provider to the top of your waterfall to help contain costs and tap into unique data that is not available from your existing provider. Ready for further insight? Learn more about income and employment verification for mortgage.
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With the National Automobile Dealers Association (NADA) Show set to kickoff later this week, it seemed fitting to explore how the shifting dynamics of the used vehicle market might impact dealers and buyers over the coming year. Shedding light on some of the registration and finance trends, as well as purchasing behaviors, can help dealers and manufacturers stay ahead of the curve. And just like that, the Special Report: Automotive Consumer Trends Report was born. As I was sifting through the data, one of the trends that stood out to me was the neck-and-neck race between Millennials and Gen X for supremacy in the used vehicle market. Five years ago, in 2019, Millennials were responsible for 33.3% of used retail registrations, followed by Gen X (29.5%) and Baby Boomers (26.8%). Since then, Baby Boomers have gradually fallen off, and Gen X continues to close the already minuscule gap. Through October 2024, Millennials accounted for 31.6%, while Gen X accounted for 30.4%. But trends can turn on a dime if the last year offers any indication. Over the last rolling 12 months (October 2023-October 2024), Gen X (31.4%) accounted for the majority of used vehicle registrations compared to Millennials (30.9%). Of course, the data is still close, and what 2025 holds is anyone’s guess, but understanding even the smallest changes in market share and consumer purchasing behaviors can help dealers and manufacturers adapt and navigate the road ahead. Although there are similarities between Millennials and Gen X, there are drastic differences, including motivations and preferences. Dealers and manufacturers should engage them on a generational level. What are they buying? Some of the data might not come as a surprise but it’s a good reminder that consumers are in different phases of life, meaning priorities change. Over the last rolling 12 months, Millennials over-indexed on used vans, accounting for more than one-third of registrations. Meanwhile, Gen X over-indexed on used trucks, making up nearly one-third of registrations, and Gen Z over-indexed on cars (accounting for 17.1% of used car registrations compared to 14.6% of overall used vehicle registrations). This isn’t surprising. Many Millennials have young families and may need extra space and functionality, while Gen Xers might prefer the versatility of the pickup truck—the ability to use it for work and personal use. On the other hand, Gen Zers are still early in their careers and gravitate towards the affordability and efficiency of smaller cars. Interestingly, although used electric vehicles only make up a small portion of used retail registrations (less than 1%), Millennials made up nearly 40% over the last rolling 12 months, followed by Gen X (32.2%) and Baby Boomers (15.8%). The market at a bird’s eye view Pulling back a bit on the used vehicle landscape, over the last rolling 12 months, CUVs/SUVs (38.9%) and cars (36.6%) accounted for the majority of used retail registrations. And nearly nine-in-ten used registrations were non-luxury vehicles. What’s more, ICE vehicles made up 88.5% of used retail registrations over the same period, while alternative-fuel vehicles (not including BEVs) made up 10.7% and electric vehicles made up 0.8%. At the finance level, we’re seeing the market shift ever so slightly. Since the beginning of the pandemic, one of the constant narratives in the industry has been the rising cost of owning a vehicle, both new and used. And while the average loan amount for a used non-luxury vehicle has gone up over the past five years, we’re seeing a gradual decline since 2022. In 2019, the average loan amount was $22,636 and spiked $29,983 in 2022. In 2024, the average loan amount reached $28,895. Much of the decline in average loan amounts can be attributed to the resurgence of new vehicle inventory, which has resulted in lower used values. With new leasing climbing over the past several quarters, we may see more late-model used inventory hit the market in the next few years, which will most certainly impact used financing. The used market moving forward Relying on historical data and trends can help dealers and manufacturers prepare and navigate the road ahead. Used vehicles will always fit the need for shoppers looking for their next vehicle; understanding some market trends will help ensure dealers and manufacturers can be at the forefront of helping those shoppers. For more information on the Special Report: Automotive Consumer Trends Report, visit Experian booth #627 at the NADA Show in New Orleans, January 23-26.
The automotive industry is constantly changing. Shifting consumer demands and preferences, as well as dynamic economic factors, make the need for data-driven insights more important than ever. As we head into the National Automobile Dealers Association (NADA) Show this week, we wanted to explore some of the trends in the used vehicle market in our Special Report: State of the Automotive Finance Market Report. Packed with valuable insights and the latest trends, we’ll take a deep dive into the multi-faceted used vehicle market and better understand how consumers are financing used vehicles. 9+ model years grow Although late-model vehicles tend to represent much of the used vehicle finance market, we were surprised by the gradual growth of 9+ model year (MY) vehicles. In 2019, 9+MY vehicles accounted for 26.6% of the used vehicle sales. Since then, we’ve seen year-over-year growth, culminating with 9+MY vehicles making up a little more than 30% of used vehicle sales in 2024. Perhaps more interesting though, is who is financing these vehicles. Five years ago, prime and super prime borrowers represented 42.5% of 9+MY vehicles, however, in 2024, those consumers accounted for nearly 54% of 9+MY originations. Among the more popular 9+MY segments, CUVs and SUVs comprised 36.9% of sales in 2024, up from 35.2% in 2023, while cars went from 44.3% to 42.9% year-over-year and pickup trucks decreased from 15.9% to 15.6%. 2024 highlights by used vehicle age group To get a better sense of the overall used market, the segments were broken down into three age groups—9+MY, 4-8MY, and current +3MY—and to no surprise, the finance attributes vary widely. While we’ve seen the return of new vehicle inventory drive used vehicle values lower, it could be a sign that consumers are continuing to seek out affordable options that fit their lifestyle. In fact, the average loan amount for a 9+MY vehicle was $19,376 in 2024, compared to $24,198 for a vehicle between 4-8 years old and $32,381 for +3MY vehicle. Plus, more than 55% of 9+MY vehicles have monthly payments under $400. That’s not an insignificant number for people shopping with the monthly payment in mind. In 2024, the average monthly payment for a used vehicle that falls under current+3MY was $608. Meanwhile, 4-8MY vehicles came in at an average monthly payment of $498, and 9+MY vehicles had a $431 monthly payment. Taking a deeper dive into average loan amounts based on specific vehicle types—as of 2024, current +3MY cars came in at $28,721, followed by CUVs/SUVs ($31,589) and pickup trucks ($40,618). As for 4-8MY vehicles, cars came in with a loan amount of $22,013, CUVs/SUVs were at $23,133, and pickup trucks at $31,114. Used 9+MY cars had a loan amount of $19,506, CUVs/SUVs came in at $17,350, and pickup trucks at $22,369. With interest rates remaining top of mind for most consumers as we’ve seen them increase in recent years, understanding the growth from 2019-2024 can give a holistic picture of how the market has shifted over time. For instance, the average interest rate for a used current+3MY vehicle was 8.0% in 2019 and grew to 10.2% in 2024, the average rate for a 4-8MY vehicle went from 10.3% to 12.9%, and the average rate for a 9+MY vehicle increased from 11.4% to 13.8% in the same time frame. Looking ahead to the used vehicle market It’s important for automotive professionals to understand and leverage the data of the used market as it can provide valuable insights into trending consumer behavior and pricing patterns. While we don’t exactly know where the market will stand in a few years—adapting strategies based on historical data and anticipating shifts can help professionals better prepare for both challenges and opportunities in the future. As used vehicles remain a staple piece of the automotive industry, making informed decisions and optimizing inventory management will ensure agility as the market continues to shift. For more information, visit us at the Experian booth (#627) during the NADA Show in New Orleans from January 23-26.
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typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.