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The end of 2010 was a transitional time for credit card lenders. Card issuers were faced with the need to jump-start “return to growth strategies” as a result of diminished profits stemming from the great recession and all of the credit tightening actions deployed over the last two years. Lenders were deliberate in their actions to shrink balance sheets eliminating higher risk customers. At the same time, risk adverse consumers were, and continue to be, more thoughtful about spending, taking deliberate measures to buy what they perceive to be necessary and able to pay back. Being the only safe bet in town, the super prime universe went from saturated to abundantly over-saturated, and only recently have lenders begun to turn the ship in anticipation of continued relief in default trends. As a result of sustained relief in credit card defaults and over-saturation in the prime+ space, more lenders have begun loosening policies. This has created price competition with 74% of new offers including low introductory rates for longer durations, averaging 12 months, up from 9 months just one year ago. The percent of annual fee offers decreased as well to 21% from 34% one year prior. Continuing the trend of competing for the prime+ segment, lenders have increasingly been promoting loyalty programs, in many cases, combined with spend-incented rebates. In fact, over a third of new offers were for rewards based products, up from 26% prior to the start of the economic turn in 2007. Lenders are now shifting gears to compete in new ways focusing on consumer demand for payment choices. Regardless of a consumer’s credit profile, lenders and technology providers are investing in innovative payment solutions. Lenders understand that if the Starbucks “My Coffee Card” is only available on their customer’s iPhone, Blackberry or Android using a re-loadable Starbucks app, then traditional card issuers will lose purchase volume. What is becoming more and more critical is a lenders ability to leverage new data sources in their targeting strategies. It is no longer enough to know what products provide the most relevance to consumer needs. A lender must now know the optimal communication channel for unique segments of the population, their payment preferences and the product terms and features that competitively match the consumer’s needs and risk profile. Lenders are leveraging new data sources around income, wealth, rent payment, ARM reset timing and strategic default, wallet spend and purchase timing.Loading…
By: Tracy Bremmer Score migration has always been a topic of interest among financial institutions. I can remember doing score migration analyses as a consultant at Experian for some of the top financial institutions as far back as 2004, prior to the economic meltdown. Lenders were interested in knowing if I could approve a certain number of people above a particular cut-off, and how many of them will be below that cutoff within five or more years. Or conversely, of all the people I’ve rejected because they were below my cut-off, how many of them would have qualified a year later or maybe even qualified the following month. We’ve done some research recently to gain a better understanding of the impact of score migration, given the economic downturn. What we found was that in aggregate, there is not a ton of change going on. Because as consumers move up or down in their score, the overall average shift tends to be minimal. However, when we’ve tracked this on a quarterly basis into score bands or even at a consumer level, the shift is more meaningful. The general trend is that the VantageScore® credit score “A” band, or best scorers, has been shrinking over time, while the VantageScore® credit score “D” & “F” bands, lower scorers, has grown over time. For instance, in 2010 Q4, the amount of consumers in VantageScore® credit score A was the lowest it has been in the past three years. Conversely, the number of consumers falling into the VantageScore® credit score “D” & “F” bands are the highest they have been during that same time period. This constant shift in credit scores, driven by changes in a consumer’s credit file, can impact risk levels beyond the initial point of applicant approval. For this reason, we recommend updating and refreshing scores on a very regular basis, along with regular scorecard monitoring, to ensure that risk propensity and the offering continue to be appropriately aligned with one another.
About a month ago, Senior Decisioning Consultant Krista Santucci and I gave a presentation at Experian’s 2011 Vision Conference on Decisioning as a Service. Due to the positive feedback we received, I thought it might be of interest to members of the communications industry who might not have had the opportunity to attend. A common malady The presentation revolved around a case study of an Experian client. Like many communications industry companies, this client had multiple acquisition systems in place to process consumer and commercial applications. In addition, many of the processes to mitigate fraud and support Red Flag compliance were handled manually. These issues increased both complexity and cost, and limited the client’s ability to holistically manage its customer base. The road to recovery At the beginning of the presentation, we provided a handout that listed the top ten critical functionalities for decisioning platforms. After a thorough review of the client’s system, it was clear that they had none of the ten functionalities. Three main requirements for the new decisioning platform were identified: A single system to support their application processes (integration) A minimum of 90% automatic decisions for all applications (waterfall) The ability to integrate into various data sources and not be resource intensive on their IT department (data access) Decisioning as a ServiceSM is a custom integrated solution that is easily applied to any type of business and can be implemented to either augment or completely overhaul an organization’s current decisioning platforms. We designed this client’s solution with a single interface that manages both consumer and commercial transactions, and supports a variety of access channels and treatment strategies. Following implementation, the client immediately benefited from: Streamlined account opening processes A reduction in manual processes Decreased demand on IT resources The ability to make better, more consistent decisions at a lower cost The agility to quickly respond to changing market needs and regulatory challenges Evaluate your own business Do you recognize some of your own challenges in this post? Download our checklist of the top ten critical functionalities for decisioning platforms and evaluate your own system. As you go through the list, think about what benefits you would derive by having access to each of the capabilities. And if you’d like to learn more about Decisioning as a Service, please complete our form.
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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.