Prepare for Consumer Lending Season
Consumer lending season is here, and now is the time to focus on automobile lending. Better weather draws consumers to dealerships and used car lots, looking for deals. Upgrades, trade-ins, and new vehicle purchases will be the order of the day. Consider a lesson from the past, in 2014.A Quick Look Back at Consumer Lending
Lending soared with $101 billion in new auto loans being issued in the April-June quarter of 2014. In the second quarter, total outstanding auto loans rose to $905 billion. And while it is true federal mandates saw financial institutions underwriting loans for people with poor credit, this was a small piece of the pie. The main contributing growth factor was a solid economy, coupled with traditional, cyclical consumer habits. Three years later, 2017 could deliver a repeat performance.
Consumer Spending: A Forecast
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