Auto Credit Access Stable
May mix of conditions shows year-over-year loosening by most measures.

Year-over-year, access was greater in every channel but franchised used sales, which was flat, and for all lender types.
Pexels/Mike Bird
Auto credit access was stable last month, Cox Automotive’s All-Loans Index essentially flat at 94.8.
Availability grew tighter in most channels and all lender types, said Cox, which observed that the subprime and negative equity shares fell while the approval rate, term length and down payments rose and yield spreads narrowed, balancing out conditions for the borrowing consumer.
Year-over-year, access was greater in every channel but franchised used sales, which was flat, and for all lender types, Cox said. Captive lenders and credit unions were loosest.
May’s approval rate rose 20 basis points month-over-month as the share of loans with terms longer than 72 months rose slightly but was down 1.5 percentage points year-over-year.
Auto consumers’ outlook was mixed, depending on the tracking index.
Their plans to buy a vehicle in the next month were flat year-over-year, based on the Conference Board Consumer Confidence Index. But their view of vehicle buying conditions fell to its lowest since the fall due to their declining assessment of interest rates, according to a University of Michigan sentiment index.
The Federal Reserve left interest rates unchanged on Wednesday in its effort to cool inflation while saying it plans to cut rates once this year.
Originally posted on Auto Dealer Today
More Industry

Ownership Priorities are Shifting
A new survey shows that in the U.S. vehicle quality for generation Z is largely defined by advanced safety features, intuitive technology and premium sound systems.
Read More →
Pump Price Jump Calculated
ISeeCars.com examined fuel costs for different power trains, finding which ones have experienced the biggest hits since the war in Iran commenced.
Read More →
Black Book: Weekly Market Update
Wholesale values fell last week despite the spring season still being in the traditional full-gear mode, analysts said.
Read More →
Arkansas Auto Group Acquires First Indiana Rooftop
Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.
Read More →
Stellantis to Dive Into U.S. Lending
The multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.
Read More →
New-Vehicle Prices Rise
With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.
Read More →
Black Book: Weekly Market Update
Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.
Read More →
Black Book: Weekly Market Update
Conversion rates were flat last week at 63%, Black Book analysts calculated, as low-mileage and almost-near units outpaced the overall market.
Read More →
EU Auto Association Urges Action
Trade relations between the European Union and the U.S. are at risk, causing the European Automobile Manufacturers Association to push lawmakers to make a decision.
Read More →
Driving into the Super CFC Era
Understanding the risks and benefits of retail accounting and Super CFCs can help you better present options to your dealer partners.
Read More →