An interesting read for anyone interested.
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Updating this with Q2:
Notable changes:
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April/May was awful
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Subprime loans are down
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Leasing is down
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I skimmed this a bit so far and first of all I’m blown away at the fact that there are some 2000 model year (or older) vehicles that still have financing. I really hope that means used vehicles that were recently purchased! Second, it’s funny to me that the brands we usually tell people don’t lease well (Toyota and Honda) are the most popular vehicles to lease. I suppose it makes some sense since they are the most popular overall sellers.
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That’s credit acceptance/BHPH for you - that’s their bread and butter
Haha, I thought about that too but it makes sense, the general public just wants a cheap (low monthly payment) and reliable car, first thing that comes to mind is the Corollas/Civics/etc so that’s what they get.
Not surprised leasing is down since leases, in general, have gone up and new car rates for some makes are 60 mos at 0%.
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I wonder if the fact that deep subprime is down significantly has to do with lenders tightening lending standards or if people are just slowly moving up the ladder towards prime+.