It is an exciting time to be a bank or credit union in the auto lending marketplace!
More than ever before, borrowers are seeking out unique solutions for financing their vehicles, and the current market leans favorably toward financial institutions offering alternative approaches to auto lending.
Additionally, there has been an increase in used vehicle purchases and trade-ins over the purchase of brand new vehicles.
Several factors lend themselves to these changes in buyer behaviors, namely:
- The rise of new car prices – More model updates, technological advancements, and cosmetic choices have led to historically high monthly car payment averages.
continue reading »