Auto Loan Originations at Highest Levels in Five Years, Equifax Reports
ATLANTA, Nov. 21, 2012
ATLANTA, Nov. 21, 2012 /PRNewswire/ --The latest data from Equifax's National
Consumer Credit Trends Report shows that the total number of auto loan
originations from January-August 2012 totaled 14.6 million -- the highest
number of originations for that timeframe since 2007 (14.8 million).
Total outstanding auto loan balances through October 2012 are more than $770
billion, an increase of 11% since auto loan balances bottomed out in April
2011. Similarly, the total number of existing auto loans through October 2012
was more than 58 million, which represents a 33-month high.
"Consistent growth in the auto industry is influenced by a combination of
factors, including the decreasing amount of write-offs and severely derogative
accounts paired with corresponding increases in the numbers of total
originations and loan sizes," said Equifax Chief Economist Amy Crews-Cutts.
"Sustained recent consumer demand for auto leasing, financing and purchase has
driven a return of this portfolio to pre-recession numbers more rapidly than
any other lending sector."
Other highlights from the most recent data include:
oNew auto loan originations year-to-date through August 2012 totaled more
than $283 billion, which is the highest for that timeframe since 2006
oThe average loan amount ($19,492) for the month of August 2012 stands at a
six-year high, and is only exceeded by same-time 2006 ($20,291).
oThe most current data shows the number of new auto loans funded by auto
finance companies increased 31% from the recession low for the month of
August 2009 from 717,600 to more than one million in August 2012, a
oThe most current data also shows the number of new auto loans funded by
bank, savings and loan or credit union reached 984,300 in August 2012, a
seven-year high for that month.
About Equifax, Inc.
Equifax is a global leader in consumer, commercial and workforce information
solutions that provide businesses of all sizes and consumers with insight and
information they can trust. Equifax organizes and assimilates data on more
than 500 million consumers and 81 million businesses worldwide, and uses
advanced analytics and proprietary technology to create and deliver customized
insights that enrich both the performance of businesses and the lives of
Headquartered in Atlanta, Equifax operates or has investments in 18 countries
and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is
traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more
information, please visit www.equifax.com.
Contact: Daryl S. Toor, +1-404-885-8858, Daryl.firstname.lastname@example.org
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