Daily Experian data sheds light on 43% of Americans with car payments
Based on daily consumer survey information now made available by Experian, Americans appear to be in a better position to maintain their auto-finance payments over other financial commitments like credit cards or a housing obligation through a mortgage or rent.
According to Experian, 43% of Americans have a vehicle payment they’re scheduled to make monthly. When SubPrime Auto Finance News examined this data dashboard on Monday morning, Experian reported that 16% of Americans either will have difficulty or cannot make their payments this month.
Experian went on to report that 20% of Americans are considering a vehicle purchase “in the next few months.” Of that figure pondering a purchase, Experian indicated:
— Forty-eight percent will continue with the purchase as planned.
— Thirty-four percent will purchase a vehicle less expensive than planned.
— Twenty percent will consider leasing instead.
— Twenty-four percent will delay the purchase by a few months.
— Nine percent have put the purchase on hold indefinitely.
“COVID-19 has created a fluid situation for many Americans, and it’s important for those within the automotive industry to understand the challenges that people are facing and how they’re handling them,” Experian senior director of automotive financial solutions Melinda Zabritski said in a statement to SubPrime Auto Finance News.
“With consumers more keenly aware of their financial health and situation, we may see people continue to explore all vehicle options available to them,” Zabritski continued. “Industry professionals need to stay on top of these trends, and find ways to help car shoppers best address their needs.”
Meanwhile, the Experian data dashboard also showed 46% of Americans are currently experiencing financial hardship. The data offering also indicated 35% of Americans either can’t or are having difficulty paying rent, a mortgage payment or credit card obligations.
While Experian’s data showed 50% of Americans have a financial reserve to tap, 23% of Americans are expecting their financial situation to be worse next month.
All of this information can via a new initiative Experian rolled out in April.
In an effort to help essential organizations, such as government agencies, healthcare providers and non-governmental organizations, Experian is seeking to provide resources to those most in need during the COVID-19 pandemic, which leverage its data assets to identify groups of individuals that are most likely to be impacted.
Experian highlighted these new privacy-compliant segments, offered free of charge, are designed to help these organizations find and communicate with at-risk populations, enabling them to deliver essential services as quickly as possible.
“With so many lives upended and millions across the country struggling to adapt to our new reality, if we can help even one person, we will be proud to have done so,” said Genevieve Juillard, Experian’s president of targeting and data quality services. “Experian has an unwavering commitment to help consumers and businesses during this time. We believe data and technology can help address some of the challenges facing our communities and society.
“The more easily essential organizations can identify those most in need, the more quickly they can be taken care of,” Juillard continued in a news release.
Experian is also providing its clients free access to research insights around shifting consumer sentiment as a result of COVID-19. Based on permissioned consumer survey data, Experian explained the dashboard is updated daily and representative of U.S. consumers across all regions and demographics. It can provide businesses a deeper understanding of how consumers are being impacted by the pandemic and how that is changing their behaviors across four key industries, including automotive, financial services, healthcare, and retail, as well as their media consumption habits.
“The pandemic has and will impact various segments of the population differently — it will vary by age demographic, as well as region,” Experian said. “Businesses can leverage the dashboard to gain insight into consumer sentiment across generations and regions to respond to shifts in consumer behavior as it changes.
“The more businesses can understand how consumers are dealing with the fallout of the outbreak, the better positioned they will be to communicate with them and serve their needs,” Experian went on to say.
The dashboard can be viewed by first going to this website.