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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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Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for ‘lorem ipsum’ will uncover many web sites still in their infancy.
Investors and financial institutions continue to invest in fintech to help meet the dynamic expectations of consumers who want fast, easy and hassle-free access to new financial products and services. Just last week, in his annual letter to shareholders, JP Morgan Chase CEO Jamie Dimon noted that the bank has invested approximately $600 million “on emerging fintech solutions – which include building and improving digital and mobile services and partnering with fintech companies.” Meanwhile, policymakers in Washington continue to grapple with how to spur responsible innovation and how fintech fits into the existing regulatory paradigm. The Office of the Comptroller of the Currency (OCC) continues to move forward with the development of a special purpose national charter for fintech lenders. On March 15, the OCC issued a draft supplement to its existing Licensing Manual that describes how the agency “will apply the licensing standards and requirements in its existing regulations and policies to fintech companies applying for a special purpose national bank charter.” The draft manual, which is open for a 30-day public comment period ending April 14, 2017, would prohibit fintech lenders from offering products “with predatory features” or entities that inappropriately mingle banking and commerce. The agency also defended its legal authority to make the move without a new law from Congress or any formal rulemaking process, saying it’s doing nothing more than expanding a longstanding practice. At the same time, a group of House Republicans, led by House Financial Services Committee Chairman Jeb Hensarling (R-Tex.), has asked Comptroller of the Currency Thomas Curry to slow down plans to grant special charters to fintech firms. In the letter, the lawmakers state that OCC should provide “full and fair opportunity” for public comment on standards for granting fintech charters and allow President Trump’s pick for the next comptroller to weigh in. The lawmakers go on to say that if OCC “proceeds in haste” to create new limited-purpose charter for fintech, Congress will examine the agency’s actions and “if appropriate, overturn them.” The issue will likely continue to bubble under the surface as Congress and the Trump Administration tackle larger issues such as tax reform, infrastructure spending and possibly wider financial services reform. However, the fintech charter is a legacy item for Comptroller Curry and he is likely to seek to move this to closure given that his term expires at the end of April (although he would remain in place until President Trump nominates and confirms his replacement).
The U.S. Senate declared April to be Financial Literacy Month back in 2004. Fast forward 13 years and one has to question if we’ve moved the needle on educating Americans about personal finance and money management. There is still no national standard or common curriculum to teach our kids the basics in schools, and only five states require high school students to take one semester of personal finance in order to graduate. I read an interesting stat years back that high school seniors spend more time shopping for their prom attire than they do researching financial education options for college. No wonder there is sticker shock post-graduation when those first student loan bills coming. The lack of investment shows. In a 2016 Mintel study, very few consumers gave themselves high grades for their knowledge of personal finance, and the situation was worse among women, with twice as many assigning themselves a “C” as an “A.” Having worked in the financial services industry for more than a decade, I can say with certainty I’m a bit of a personal finance geek. Learning about the latest products and economic shifts has been rolled into my job, and I’ve sadly seen the consequences of what happens to consumers when they make poor financial decisions. Slumping credit scores. Delinquent payments. Repossessed vehicles. Hard times. The good news? There are plenty of resources to help Americans learn. The challenge? Finding the right ways to capture mind share via the right mediums at the right time. There is obviously a benefit to the consumer to be more financially literate, but financial institutions benefit as well when consumers are money smart. Individuals who understand financial products and how they can use them to achieve their goals are more likely to purchase those products throughout their financial lives. So how can financial institutions help close the financial literacy gap? Make online education and resources readily available. Research shows more consumers would like to get information about finance through the use of online resources rather than seminars. This preference is likely due to the fact that online resources can be accessed on one’s own schedule and gives the user more control over the topics s/he wants to explore. Provide parents resources to launch smart money talks with their kids. Study after study reveals parents are one of the most powerful teachers in their kids’ lives – and this includes providing an education and modeling strong money management skills. Consider adding online education for kids – or partnering with a provider who has already built a money app for youngsters. Additionally, educate parents about when it might be time to help a child establish their first savings account. Advise them on ways to finance college. Talk about co-signing on vehicles. Explain the power of saving. Train up your next wave of customers and they will likely remain loyal to you. Offer one-on-one credit education sessions. A high-touch solution is sometimes the perfect opportunity to grow a customer in the right financial direction. Perhaps a low credit score prevents an individual from securing an ideal interest rate for an auto or home loan. Each person’s financial situation is different, and a one-on-one session with a trained agent can help them understand what is specifically contributing to their low score. With a few insights, a customer can determine if they need to pay down some debt, address a few late payments, or reduce their number of credit lines. Knowledge is power, and consumers will appreciate this service and personable touch. — Lenders have a vested interest to close the financial literacy gap, and while they can’t solve for everything, they can certainly make a difference with some basic steps and investments. If nothing else, April seems like a perfect time to evaluate what you’re doing and what resolutions you can make for the year ahead. Just as every saved penny counts, so does every effort to educate Americans on manning their money more effectively.
Setting new records isn’t just for racecar drivers. The auto finance industry continues to achieve its own new highs. According to Experian’s State of the Automotive Finance Market report, the average amount financed for a new vehicle in Q4 2016 was $30,261 — up $710 from Q4 2015 and the highest amount on record. The report also shows that the number of consumers opting for auto loans with longer terms (73 to 84 months) increased from 29% in Q4 2015 to 32.1% in Q4 2016. These findings underscore the importance of closely monitoring consumer credit trends to stay competitive, meet consumer demands and set your own new records. Webinar: Latest consumer credit trends>
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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.