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Who Buys Source

Profiling adults 18+ whose most recent vehicle purchase was financed through either a commercial bank, auto dealer/manufacturer or credit union:
 

GfK MRI, 2010

Of those adults 18+ whose most recent vehicle purchase was financed through a commercial bank, 50.5% were men and 49.5% were women.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a commercial bank, by age group: 18-24, 11.0%; 25-34, 18.6%; 35-44, 19.4%; 45-54, 20.9%; 55-64, 16.4%; 65+, 13.7%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a commercial bank, by income level: $100,000+, 27.1%; $75-99,999, 16.6%; $60-74,999, 13.1%; $50-59,999, 8.7%; $40-49,999, 9.8%; $30-39,999, 9.5%; $20-29,999, 8.7%; under $20,000, 6.5%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a commercial bank, by race: White, 84.6%; Black, 5.9%; Other, 9.5%; Hispanic origin, 10.2%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a commercial bank, by region: Northeast, 18.6%; Midwest, 24.3%; South, 38.0%; West, 19.1%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a commercial bank, by marital status: Single, 21.7%; married, 61.5%; separated/widowed/divorced, 16.7%.

GfK MRI, 2010

Of those adults 18+ whose most recent vehicle purchase was financed through an auto dealer/manufacturer, 52.2% were women and 47.8% were men.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through an auto dealer/manufacturer, by age group: 18-24, 9.6%; 25-34, 19.5%; 35-44, 23.0%; 45-54, 21.3%; 55-64, 15.2%; 65+, 11.5%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through an auto dealer/manufacturer, by income bracket: $100,000+, 31.6%; $75-99,999, 18.0%; $60-74,999, 12.2%; $50-59,999, 9.5%; $40-49,999, 7.5%; $30-39,999, 7.8%; $20-29,999, 7.1%; under $20,000, 6.3%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through an auto dealer/manufacturer, by race: White, 77.9%; Black, 10.5%; Other, 11.7%; Hispanic origin, 11.6%.

GfK MRI, 2010

Adults18+ whose most recent vehicle purchase was financed through an auto dealer/manufacturer, by region: Northeast, 17.8%; Midwest, 2l1.1%; South, 38.8%; West, 22.3%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through an auto dealer/manufacturer, by marital status: Single, 21.8%; married, 62.8%; separated/widowed/divorced, 15.4%.

GfK MRI, 2010

Of those adults 18+ whose most recent vehicle purchase was financed through a credit union, 51.2% were women and 48.8% were men.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a credit union, by age level: 18-24, 8.8%; 25-34, 17.7%; 35-44, 17.5%; 45-54, 24.3%; 55-64, 18.5%; 65+, 13.2%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a credit union, by income bracket: $100,000+, 35.1%; $75-99,999, 18.1%; $60-74,999, 13.4%; $50-59,999, 8.0%; $40-49,999, 7.2%; $30-39,999, 8.2%; $20-29,999, 6.0%; under $20,000, 4.0%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a credit union, by race: White, 81.0%; Black, 9.7%; Other, 9.3%; Hispanic origin, 9.2%.

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a credit union, by region: Northeast, 12.7%; Midwest, 24.9%; South, 34.8%; West, 27.6%.
 

GfK MRI, 2010

Adults 18+ whose most recent vehicle purchase was financed through a credit union, by marital status: Single, 19.4%; married, 65.3%; separated/widowed/divorced, 15.3%.

GfK MRI, 2010

According to the National Automotive Finance Association, the average credit score of subprime borrowers in 2009 was 549, up from 538 in 2008, while the average amount financed was $12,793, down from $13,119 the previous year.

Automotive News, 2010

Based on research by Experian Automotive, states with the highest average credit scores for consumers applying for new vehicle loans in the second quarter of 2010 were Minnesota (803), Wisconsin (796), Iowa (795), Nebraska (791) and Montana (789). States with the lowest average credit scores for those consumers applying for new-vehicle loans were Mississippi (749), Nevada (750), Louisiana (751), Texas (752) and North Carolina (759).

Experian Automotive, 2010

When They Buy Source

Loan activity is reflected in monthly sales figures for all new and used vehicle dealers (3-year average, 2007-2009): January, 7.9%; February, 8.1%; March, 9.2%; April, 8.6%; May, 9.1%; June, 8.6%; July, 8.8%; August, 9.4%; September, 7.9%; October, 7.8%; November, 7.0%; December, 7.6%.

U.S. Department of Commerce, 2010


How They Buy Source

The average amount financed in the purchase of a new vehicle in 2009 through an auto finance company was $28,272, compared to $26,178 in 2008 and $28,287 in 2007. As of July 2010, the average amount financed for the purchase of a new vehicle was $28,377.
 

Federal Reserve System, 2010

As of second quarter 2010, average interest rates for used-vehicle loans, according to risk tier (with Q2 2009 rates in parentheses): Super Prime (740-plus), 5.7% (6.6%); Prime (680-739), 7.6% (8.4%); Nonprime (620-679), 10.4% (10.7%); Subprime (550-619), 14.8% (14.0%); Deep Subprime (below 550), 17.8% (15.5%).

Experian Automotive, 2010

As of second quarter 2010, the average interest rates paid on new-car loans, according to risk tier (with Q2 2009 rates in parentheses): Super Prime (740-plus), 4.0% (4.6%); Prime (680-739), 5.3% (6.0%); Nonprime (620-679), 7.1% (7.9%); Subprime (550-619), 10.3% (11.2%); Deep Subprime (below 550), 13.1% (13.6%).

Experian Automotive, 2010

A 2010 survey of new and used-car shoppers, conducted by Kelley Blue Book, found that in terms of financing, the most popular loan term was 60 months (cited by 42%), while the second most popular option was 36 months, preferred by 21%.

Research Alert, 2010

The average term of a loan in 2009 at a buy-here-pay-here dealer (in weeks) was 132, with an average weekly payment amount of $84.

National Independent Automobile Dealers Association, 2010

Based on a 2010 survey conducted by Kelley Blue Book, 57% of new and used-car shoppers said they plan to research financing options online, and 50% will seek pre-approval through a bank or credit union before they buy.

Research Alert, 2010

A 2009 study by CNW Research revealed that the average amount new-car buyers were willing to spend on monthly payments was $327, down from $341 in 2008 and $362 in 2007.

CNW Marketing Research, 2009

What They Buy Source

The average annual finance rate on loans for new cars in 2009 through auto finance companies was 3.82%, compared to 5.52% in 2008 and 4.87% in 2007.  As of July 2010, the average interest rate for new-car loans stood at 3.87%.

Federal Reserve System, 2010

The average maturity period for new-car loans in 2009 through auto finance companies was 62.0 months, compared to 63.4 months in 2008 and 61.0 months in 2007.  As of July 2010, the average maturity period for new-car loans was 63.7 months.

Federal Reserve System, 2010

Where They Buy Source

The top 10 auto lenders in 2009, based on market share (both new and used vehicles): 1. Chase Auto Finance, 6.75%; 2. Toyota Financial Services, 6.14%; 3. Wachovia Dealer Services, 4.30%; 4. American Honda Financial Services, 4.26%; 5. GMAC Financial Services, 3.70%; 6. Ford Motor Credit, 3.46%; 7. Nissan Infiniti Financial Services, 2.29%; 8. Bank of America, 1.99%; 9. BMW Financial Services, 1.84%; 10. Capital One Auto Finance, 1.76%. 

Automotive News, 2010

According to Experian Automotive, market share of the top 5 new-vehicle lenders in the second quarter of 2010 (with Q2 2009 market share in parentheses): 1. Ally Financial (formerly GMAC), 13.1% (9.0%); 2. Toyota Motor Credit, 12.2% (8.5%); 3. Chase Auto, 8.8% (10.2%); 4. Ford Credit, 8.5% (7.4%); 5. Honda Financial Services, 8.0% (7.9%).

Automotive News, 2010

According to Experian Automotive, market share of the top 5 used-vehicle lenders in the second quarter of 2010 (with Q2 2009 market share in parentheses): 1. Wells Fargo, 6.6% (5.2%); 2. Chase Auto, 4.3% (4.3%); 3. Toyota Motor Credit, 3.5% (2.7%); 4. Ally Financial (formerly GMAC), 2.5% (1.3%); 5. Capital One, 2.1% (2.0%).

Automotive News, 2010

Highest volume subprime and nonprime auto lenders, based on market share for the third quarter of 2009: 1. Wachovia Dealer Services, 6.9%; 2. Capital One Auto Finance, 5.7%; 3. Toyota Financial Services, 5.6%; 4. Chase Auto Finance, 5.5%; 5. (tie) GMAC Financial Services and Ford Motor Credit, 3.7%; 7. American Honda Finance, 2.9%; 8. Nissan Infiniti Financial Services, 2.1%; 9. CitiFinancial, 1.5%; 10. Credit Acceptance Corp., 1.2%. 

Automotive News, 2010

The percentage of car buyers who pay cash or find financing outside the dealership (including banks and credit unions) dropped to 23.5% in the second quarter of 2010, which was down from 29.9% in Q2 2009 and 25.4% in Q2 2008.

J.D. Power and Associates, 2010

Business Trends Source

Based on a study by Fair, Isaac and Co., share of U.S. population based on credit scores as of April 2010 (with April 2008 totals in parentheses): 800-850, 17.9% (18.7%); 750-799, 19.5% (19.6%); 700-749, 15.7% (16.0%); 650-699, 11.9% (12.0%); 600-649, 9.5% (9.6%); 550-599, 9.6% (8.7%); 500-549, 9.0% (8.2%); 300-499, 6.9% (7.2%). Scores below 600 are considered to be subprime.

Automotive News, 2010

According to Experian Automotive research, the average credit score for purchasers of a new vehicle was 772 in the second quarter of 2010, down slightly from 774 in the Q2 2009. The average credit score for buyers of a used vehicle was 679 in the second quarter of 2010, compared to 677 in Q2 2009.

Experian Automotive, 2010

In the second quarter of 2010, the percentage of new-vehicle owners who were upside-down on their loans (trade-in worth less than what they owe) stood at 27.3%, down from 28.6% in Q2 of 2009 and 30.7% in the second quarter of 2008.

J.D. Power and Associates, 2010

Based on research by Experian Automotive, the 30-day delinquency rate for auto loans fell to 2.89% in the second quarter of 2010, down from 3.07% a year earlier. The number of auto loans deliquent 60 days or more dropped to 0.71% in Q2 2010, down from 0.80% the previous year.

Automotive News, 2010

The average credit score for buyers seeking new-vehicle loans was 776 in the first quarter of 2010, up from 773 in Q1 2009 and 753 in Q1 2008. For used-vehicle buyers, the average credit score in the first quarter of 2010 was 665, up from 661 in Q1 2009 and 653 in Q1 2008.

Experian Automotive, 2010

Based on Federal Reserve statistics, as of May 2010, the percent of a new vehicle's value that lenders were willing to finance was 87%, down from 90% in 2009 and 91% in 2008.

Automotive News, 2010

According to CNW Market Research, 82% of vehicles purchased for teen drivers were bought with a car loan in 2005. By 2010, the percentage had dropped to 70%.

Auto Loan Daily, 2010

Research by TransUnion Credit Bureau determined that the average amount consumers owed on their auto loans was $12,501 in the first quarter of 2010, down from $12,596 in Q1 2009 and $12,833 in Q1 2008.

Automotive News, 2010

Misc Source

A 2010 survey of first-time car buyers, conducted by Capital One Auto Finance, revealed that 48% of the respondents who used a car loan to obtain their vehicle had no idea what interest rate they received on their loan, even after signing the paper work.

Auto Loan Daily, 2010