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Subprime Finance on Slower Pace

Subprime Finance on Slower Pace Featured

For the first time since 2012, originations to subprime consumers declined year-over-year for a number of major credit products, including auto finance, according to TransUnion.
The report found that 4.63 million subprime consumers originated an auto loan or lease, personal loan or credit card in Q1 2017. Comparatively, 4.89 million subprime consumers originated one of these products in the first quarter of 2016.
Auto loan originations declined 8.9 percent year-over-year from the first quarter of 2016 to the first quarter of 2017.
Originations to subprime consumers dropped to 1.1 million in the first quarter, down from 1.2 million in the first quarter of 2016. At the same time, total originations declined just 2.9 percent to 6.73 million in the first quarter.

Last modified on Tuesday, 05 September 2017 00:05