In his latest installment of “The Macro Moment” distributed this week, Experian North America chief economist Joseph Mayans delivered insight on the U.S. economy as well as key economic and credit developments and implications for the financial services industry.

While a couple of trends might not be directly related to subprime auto finance, two of them — underwriting and delinquency — certainly are salient parts of day-to-day life for lenders.

“While all eyes are on the impact of tariffs, immigration policy, and other proposals coming out of the new administration, the five key trends that I’ll be watching in 2025 have been playing out over the last couple of years and will be important to how the economy and lending market unfolds in the year ahead,” Mayans said in his report.

Here are those five trends that Mayans referenced.

Trend No. 1: The slowdown in the “white-collar” job market

Being gainfully employed certainly is crucial to maintaining monthly car payments.

“Hires rate for professional and business services near lowest level since the Great Recession. Economic uncertainty and AI take-up could potentially continue driving this trend in 2025, creating vulnerabilities for higher-income households,” Mayans said.

Trend No. 2: The importance of net worth positions for continued spending

Perhaps not often in the subprime domain, Mayans mentioned this trend next.

“Increase in net worth is likely one reason why consumers feel comfortable spending more of their income each month, which is why it will be important to watch what happens with equity markets and home values,” he said. “A hit to equity markets — which are at already stretched valuations — could result in spending pullback.”

Trend No. 3: The stabilization of consumer delinquency

This metric might be one finance companies watched closest no matter what time of year.

“Data suggests delinquency is stabilizing for credit card and unsecured personal loans. Rate of credit card consumers rolling into higher delinquency status is slowing year-on-year across scores. This is a positive development that suggests consumers are finding their footing after years of rising delinquency,” Mayans said.

Trend 4: The letting up of lending standard tightening

Is the finance spigot ready to open?

“The pace of lending standard tightening has eased (and in some cases loosened slightly) in line with slowing delinquency growth. While uncertainty and forecasts for higher unemployment will keep some lenders cautious, some may start dipping their toes in the water with looser standards,” Mayans said.

Trend 5: The lending market reset

Here’s one more reference to COVID.

“Higher interest rates and tighter lending standards have slowed credit growth off its post-pandemic highs,” Mayans said, while adding, “2025 is setting up to be a more stable environment as interest rates ease (modestly) and lenders being to (cautiously) loosen standards.”