Furthermore, this means that there are more chances for clients who apply
for subprime auto lenders to have their loans approved.
If you must use a buy - here - pay - here dealer / lender, or an
online subprime auto lender, understand that they can get very paranoid about you missing even one payment.
And at Santander Consumer USA, a Dallas -
based subprime auto lender, average borrower credit scores were higher as of March 31 than they were a year earlier.
With a car repo on your record, you are not going to get another lender any time soon, not even
a subprime auto lender.
Three
subprime auto lenders that have filed for bankruptcy or shut down in recent weeks include Summit Financial Corp., Spring Tree Lending, and Pelican Auto Finance.
As experts wait to see how
this subprime auto lender situation plays out, some are worried more losses are imminent.
Subprime auto lenders have been facing stepped - up regulatory pressure for several years following a post-recession boom during which credit standards weakened.