Credit reporting agency credits lenders' risk assessment, portfolio management and credit availability for record numbers of auto loan originations.
As the prices for new and used cars edge higher, more consumers are opting to ride off the dealership’s lot in a leased vehicle.
In another effort to drive in more business, some auto lenders, including credit unions, may be more willing to be flexible with credit-challenged consumers.
The rate at which credit card loans have to be written off has fallen sharply since 2010, according to Equifax, one of the three nationwide credit reporting bureaus.
Since 2009, auto finance companies have increased their lending by more than 47%.
Equifax’s latest data shows lending from auto finance companies has increased by more than 47% since 2009.
Consumers who are making on-time payments have helped the recent gains in the auto lending sector, according to Equifax.
The British branch of Equifax, one of the three large credit bureaus in the U.S., has warned that, in general, consumers do not have enough passwords to critical accounts and do not change the ones they have often enough.