Sentences with phrase «subprime auto loan borrowers»

The riskiest of the subprime auto loan borrowers might find more luck in going with smaller lenders that are willing to accept the risk to stay in the lending game.

Despite the growing economy in the United States, an increasing number of subprime auto loan borrowers are defaulting on their loans.

Information collected by Fitch Ratings uncovered that the auto loan delinquency level is now at 5.8 percent, the highest rate in some time.Despite the growing economy in the United States, an increasing number of subprime auto loan borrowers are defaulting on their loans.

Not exact matches

I read a story recently that auto loans have hit a new high, especially among subprime borrowers.

Despite the drop off in subprime loans, borrowers with the lowest credit ratings still hold over $ 210 billion in auto loan debt or about 20 percent of the $ 1.1 trillion in total outstanding debt.

At their height, loans to subprime borrowers accounted for nearly 25 percent of outstanding auto loans, or roughly $ 275 billion.

Auto loans to subprime borrowers, with credit scores between 550 and 619, increased by more than 11 % over fourth quarter 2011.

Moreover, Experian reported that in the fourth quarter of 2012, lenders increased auto loans to borrowers identified as deep subprime, with credit scores below 550, by 31 % year over year.

Bank risk professionals now believe that lenders will keep allowing subprime borrowers to take on credit card debt and have more access to auto loans over the next six months, -LSB-...]

Bank risk professionals now believe that lenders will keep allowing subprime borrowers to take on credit card debt and have more access to auto loans over the next six months, according to a survey by the Professional Risk Managers» International Association for the credit scoring company FICO.

Oblivious to the recent debacle in subprime home lending, auto lenders have worked hard to develop the subprime (borrowers with credit scores below 640) auto loan market, offering seven and eight year loans and other strategies designed to make monthly payments low.

Over the last few years, subprime borrowers would've had a hard time getting an auto loan with bad credit.

Consumer borrowers owe $ 1.2 trillion in auto loans debt, and there are 23 million Americans who currently hold subprime auto loans.

According to Experian, the percentage of auto loans given to borrowers with subprime credit ratings has fallen to its lowest point since 2012.

Subprime auto loans tend to have higher interest rates than conventional auto loans, and if a borrower is unable to repay the loan, the lender will repossess the car and sell it.

To ensure that borrowers are able to pay their loans, lenders offer subprime auto loans with longer repayment periods.

Consider that Structured Finance News reported that Santander Consumer USA, a major clearinghouse for auto loans, sold off $ 700 million in subprime loans in a matter of hours, even though the borrower's average FICO score was 552 and 13 % of borrowers had no credit score at all.

A Texas based company who lends auto loans to subprime borrowers was fined $ 2.75 million for reporting inaccurate information to the credit reporting agencies.

Subprime borrowers have easier time getting car loans — Unlike with credit cards, auto loans are becoming more available for borrowers with blemished credit... (See Auto loauto loans are becoming more available for borrowers with blemished credit... (See Auto loAuto loans)

Auto loans to people with tarnished credit have risen more than 130 percent in the five years since the immediate aftermath of the financial crisis, with roughly one in four new auto loans last year going to borrowers considered subprime — people with credit scores at or below Auto loans to people with tarnished credit have risen more than 130 percent in the five years since the immediate aftermath of the financial crisis, with roughly one in four new auto loans last year going to borrowers considered subprime — people with credit scores at or below auto loans last year going to borrowers considered subprime — people with credit scores at or below 640.

Outstanding subprime auto debt (classified in the chart below as debt held by borrowers with origination credit scores under 620) now stands at about $ 300 billion... Since 2011, the overall delinquency rate of loans originated by auto finance companies has significantly deteriorated.