Experian Automotive Shares 2Q, Half-Year AutoCount Data
SCHAUMBURG, Ill. — For the second quarter of this year, overall auto loan originations were down 17.47 percent, compared to the prior year, according to the latest AutoCount data from Experian Automotive.
When it comes to origination by tier, the company discovered that prime loans were at 56.28 percent, compared with 55 percent last year. Non-prime reached 18.84 percent, as opposed to 17.47 percent. Subprime came in at 15.80 percent, compared with 18.48 percent, and below subprime was 9.09 percent, compared with 9.05 percent.
Moving on, Experian Automotive looked at new originations by portfolio distribution and found that captives originated 25.2 percent, compared with 29.9 percent in the second quarter of 2007. Banks approved 31.9 percent, versus 32 percent. Credit unions funded 21.7 percent, compared with 21.4 percent, and finance companies loaned 21.2 percent, as opposed to 16.6 percent.
The analysis also indicated that the growth rate on portfolios is declining, coming in at 2.1 percent for the period.
Additionally, when it comes to open auto loans, credit quality is dropping, or more loans are falling into the higher risk tiers.
In fact, Experian Automotive reported a 9.15-percent decrease in the number of prime loans.
Reviewing all auto loans, 30-day past due accounts came in at 2.48 percent, compared with 2.28 percent in the previous year. Looking at captives, this rate was 2.75 percent, as opposed to 2.46 percent. For banks it was 1.53 percent, compared with 1.37 percent. As for credit unions, it reached 1.31 percent from 1.16 percent. And for captives, this rate came in at 4.63 percent, compared with 4.55 percent.
Continuing on, analyzing rates for 60-day past due accounts, Experian Automotive found that all auto loans were at 0.75 percent, compared with 0.67 percent. For captives, this figure was 0.59 percent, versus 0.50 percent. As for banks, it came in at 0.47 percent, compared with 0.43 percent. For credit unions it was 0.38 percent, as opposed to 0.31 percent. And for finance companies this statistic was 1.78 percent, compared with 1.67 percent.
In other trends, the company found that the average amount financed climbed $43 from the same quarter of last year. Meanwhile, average monthly payments remained flat, a $0.02 increase.
"The average amount financed was down $607 from the first quarter of 2008," officials indicated, saying the average monthly payment is also down $12.41.
"Both interest rates and term fell slightly from the same quarter of last year," executives added. "Rates fell to an average of 9.69 percent. Term was at 60.20, a slight change from the previous quarter."
As for market share, finance came in at 16.5 percent, captives at 30.7 percent, banks at 31.5 percent and credit unions at 21.3 percent. This compares to 20.3 percent for finance last year, 30 percent for captives, 28.2 percent for banks and 21.5 percent for credit unions in 2007.
The company also broke down the top 15 lenders by specific information for the time frame of January to June. Experian Automotive compiled data on franchise, independent and unknown dealers for this listing:
Toyota Financial Services
All vehicles percentage: 6.35
Total loan percentage: 5.74
New loan percentage: 10.95
Used loan percentage: 2.61
Total lease percentage: 10.7
New lease percentage: 11.33
Used lease percentage: 3.8
GMAC
All vehicles percentage: 6.2
Total loan percentage: 5.23
New loan percentage: 8.98
Used loan percentage: 2.98
Total lease percentage: 13.01
New lease percentage: 13.46
Used lease percentage: 7.97
Chase Auto Finance
All vehicles percentage: 5.17
Total loan percentage: 5.65
New loan percentage: 8.1
Used loan percentage: 4.18
Total lease percentage: 1.79
New lease percentage: 1.76
Used lease percentage: 2.15
American Honda Finance
All vehicles percentage: 4.95
Total loan percentage: 3.86
New loan percentage: 8.29
Used loan percentage: 1.2
Total lease percentage: 12.59
New lease percentage: 13.22
Used lease percentage: 5.62
Ford Credit
All vehicles percentage: 4.77
Total loan percentage: 3.72
New loan percentage: 7.6
Used loan percentage: 1.39
Total lease percentage: 12.16
New lease percentage: 12.94
Used lease percentage: 3.51
Wachovia Dealer Services
All vehicles percentage: 3.32
Total loan percentage: 3.78
New loan percentage: 2.55
Used loan percentage: 4.52
Total lease percentage: 0.1
New lease percentage: 0.06
Used lease percentage: 0.61
Chrysler Financial Services
All vehicles percentage: 2.34
Total loan percentage: 1.57
New loan percentage: 3.59
Used loan percentage: 0.35
Total lease percentage: 7.81
New lease percentage: 8.02
Used lease percentage: 5.52
Nissan/Infiniti Financial Services
All vehicles percentage: 2.34
Total loan percentage: 1.57
New loan percentage: 3.59
Used loan percentage: 0.35
Total lease percentage: 7.81
New lease percentage: 8.02
Used lease percentage: 5.52
Capital One Auto Finance
All vehicles percentage: 1.87
Total loan percentage: 2.12
New loan percentage: 1.6
Used loan percentage: 2.43
Total lease percentage: 0.12
New lease percentage: 0.03
Used lease percentage: 1.1
Bank of America
All vehicles percentage: 1.71
Total loan percentage: 1.94
New loan percentage: 2.68
Used loan percentage: 1.5
Total lease percentage: 0.11
New lease percentage: 0.09
Used lease percentage: 0.31
BMW Bank of North America
All vehicles percentage: 1.53
Total loan percentage: 0.87
New loan percentage: 0.89
Used loan percentage: 0.85
Total lease percentage: 6.18
New lease percentage: 6.37
Used lease percentage: 4.14
Wells Fargo Auto Finance
All vehicles percentage: 1.52
Total loan percentage: 1.61
New loan percentage: 0.7
Used loan percentage: 2.16
Total lease percentage: 0.86
New lease percentage: 0.7
Used lease percentage: 2.64
CitiFinancial Auto
All vehicles percentage: 1.37
Total loan percentage: 1.53
New loan percentage: 0.74
Used loan percentage: 2
Total lease percentage: 0.22
New lease percentage: 0.15
Used lease percentage: 1
Volkswagen Credit
All vehicles percentage: 1.28
Total loan percentage: 0.65
New loan percentage: 0.97
Used loan percentage: 0.45
Total lease percentage: 5.71
New lease percentage: 6
Used lease percentage: 2.5
US Bank
All vehicles percentage: 1.23
Total loan percentage: 1.15
New loan percentage: 1.42
Used loan percentage: 0.98
Total lease percentage: 1.85
New lease percentage: 1.72
Used lease percentage: 3.36