The estimated average transaction price (ATP) for light vehicles in the United States was $34,648 in August, according to Kelley Blue Book.
New-car prices have increased by $243 (up 0.7 percent) from August 2016, while increasing slightly (up 0.5 percent) from July.
Fiat Chrysler’s average prices climbed more than 6 percent in August, helped by a strong sales mix of Ram trucks. The Jeep brand also increased 6 percent, as the new Compass was up 8 percent year-over-year.
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.
Westlake Financial Services has expanded its relationship with Clarity Services to strengthen its auto portfolio nationwide.
Westlake began testing Clarity’s Clear Fraud a year ago in select markets
By incorporating Clarity’s credit data, Westlake is able to more accurately price and structure deals with profitable loan terms, and determine down payment requirements. Westlake’s use of Clear Fraud helps the lender evaluate subprime applicants with credit scores below 600.
Clear Fraud also makes it easy to integrate scores into Westlake’s existing scorecard.
A recent TransUnion study found Millennials’ appetite for new auto loans has grown at a faster rate than Gen X borrowers at the same age points.
TransUnion’s study evaluated credit origination trends over 12 months (2015 for Millennials and 2001 for Gen X) for both generations at the same ages between 21 and 34. The study found that Millennials are opening new auto loans and personal loans at a higher rate.
The study found 14.58 percent of Millennials opened new auto loans between the ages 21-34. For Gen X borrowers, it was 12.09 percent at the same point.
Michelin North America Inc. is recalling 185 Pilot Power 3 replacement sport motorcycle tires, size 180/55ZR17 (73W), manufactured between April 17, 2016 and May 7, 2016. These tires...