US Country Baner subprime 2015 email

 

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tick Annual new-car sales are 58% higher than they were in 2009. With the US economy starting to strengthen and employment prospects improving, consumers now have the confidence, the jobs, and the money to purchase a vehicle.
tick A significant proportion of these buyers have credit ratings that place them firmly in the sub-prime category – the group whose default rates pushed many lenders and dealers to the wall when the financial crisis hit.
tick Some fear a repeat of the difficulties that saw the wheels come off the sub-prime auto lending business seven years ago. Increases in the average value of loans, coupled with lengthening repayment terms, are causing particular concern.
tick Lenders and dealers are currently paying much more attention to these key indicators than they may have done in the past, not least because a raft of new regulations mean the sector is now under close scrutiny at both state and federal level.
tick There is no doubt that the road ahead contains plenty of challenges that finance providers and dealers will need to approach carefully, but current indications suggest most are successfully navigating the obstacles.
tick FULL SUMMARY OF FINDINGS - SEE PAGE 4 OF THE SURVEY
 
INCLUDES LEADERS' INSIGHTS 
 
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  • Darrin Benhart, deputy comptroller for supervision risk, Office of the Comptroller
    of the Currency
  • Richard Cordray, director, Consumer Financial Protection Bureau
  • Cristian deRitis, senior director, Moody’s Analytics
  • Vanita Gupta, acting assistant Attorney General, DOJ Civil Rights Division
  • Alec Gutierrez, senior analyst, Kelley Blue Book
  • Bill Himpler, executive vice president, American Financial Services Association
  • Chris Kukla, senior vice president, Center for Responsible Lending
  • Julie Menin, commissioner, New York City Department of Consumer Affairs
  • Jeff Schuster, senior vice president of forecasting, LMC Automotive
  • Melinda Zabritski, senior director of automotive finance, Experian Automotive
 

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