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Wholesale Prices Resume Pre-Hurricane Pattern

Wednesday, 28 February 2018 13:14
Wholesale used vehicle prices started the year in the pattern that characterized much of 2017 in the months prior to hurricane season.  Namely, car prices tended to fall while truck prices provided a boost to average wholesale values.  In January, car prices continued to show year-over-year price declines, while truck prices did the opposite, but that situation is moving towards parity, as indicated by strong month-over-month increases in car prices.According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in January averaged $10,980 – up 1.6 percent compared to December and up 0.3 percent relative to January 2017.  Prices increased at a higher monthly rate for cars than trucks, but were down on an annual basis.Average wholesale prices for used vehicles remarketed by manufacturers were down 3.7 percent month-over-month but up 7.9 percent year-over-year.  Prices for fleet-lease consignors were up 4.1 percent sequentially but down 0.3 percent year-over-year. Average prices for dealer consignors were down 1.7 percent versus December and down 0.6 percent relative to January 2017.When holding constant for sale type, model-year age, mileage, and model class segment, prices were down on a year-over-year basis for both midsize cars and midsize SUV/CUVs.

CFPB Finds Little Benefit to Removing Records

Wednesday, 28 February 2018 13:14
Removal of public records has little effect on consumers’ credit scores, according to a recent report by the Consumer Financial Protection Bureau.The three nationwide credit reporting companies - Equifax, Experian, and TransUnion - entered into a settlement with over 30 state attorneys general. This settlement, called the National Consumer Assistance Plan (NCAP), required the companies to increase the accuracy of credit reports and to make it easier for consumers to correct errors on their reports. Part of this settlement required the three nationwide credit reporting companies to create minimum standards for personally identifiable information and reporting frequency for civil public records, including bankruptcies, civil judgments and tax liens.  Starting July 1, 2017, this aspect of the settlement required all civil public records to have a name, address, and a Social Security number or date of birth before appearing on credit records from the three nationwide credit reporting companies. The settlement also required this information to be refreshed by the credit reporting companies at least every 90 days. When the NCAP was implemented, all civil judgments and about half of the tax liens on consumer credit records were removed. In contrast, the number of reported bankruptcies remained virtually unchanged.In June 2017, just before the NCAP’s restrictions were implemented, 6 percent of consumers had a civil judgment or tax lien. The NCAP appears to have removed the public records for about 80 percent of these consumers. After the NCAP was implemented, 1.4 percent of consumers had a tax lien on their credit report and none had civil judgments.About 4 percent of consumers with civil judgments or tax liens on their credit record in June (0.24 percent of consumers overall) experienced a large enough increase in their credit score as the result of the NCAP to move into a higher credit score band, meaning, for example, that their credit score moved from being subprime to near prime or from near prime to prime.

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