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Posts Tagged ‘automotive lending’

JPMorgan’s Dimon Fearful of Auto Lending Future

Rising subprime loans, slowing sales concern banker.

by on Jun.06, 2016

JPMorgan Chase Chief Executive Jamie Dimon expressed concern about automotive lending in the near future.

JPMorgan Chase & Co. has put out the caution flag on auto lending.

Jamie Dimon, JPMorgan’s chief executive and perhaps the most influential banker in the U.S., said during a conference the market for U.S. automobile lending is “a little stressed” and that he foresees higher losses for some competitors.

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“Someone will get hurt in auto lending,” but not JPMorgan, Dimon said Thursday during an investor presentation in New York. (more…)

Auto Lenders Loosening Access To Credit

Riskier buyers gaining credit even as delinquencies fall.

by on Dec.07, 2010

Lenders lossen credit, but delinquencies and defaults still decline, reports Experian.

Barely a year ago, even some of the most affluent, credit-worthy customers were being turned away when they applied for automotive loans – one reason new car sales slumped to a decades-low 8.6 million for 2009.  But things are starting to turn in a positive direction, according to a new study by research firm Experian Automotive.

Not only have the spigots re-opened for buyers with top-tier credit scores, but even the “credit challenged” are beginning to find ways to land loans.  Significantly, the loosening of credit is matched by a sharp decline in both loan defaults and delinquencies, according to Experian’s analysis of third-quarter automotive lending.

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“Easier access to loans is a positive sign for the auto industry, as tighter loan criteria during the economic downturn represented a significant challenge for automotive manufacturers and their retail networks,” said Scott Waldron, president of Experian Automotive. “Making it easier for consumers to obtain credit can only help the auto industry moving forward.”