ATLANTA (1/23/14)--Auto lending continues to bounce back in a big way, according to the latest Equifax National Consumer Credit Trends Report.
From January to October 2013, the total number of new auto loans originated was 20.2 million, totaling $405.2 billion and representing the highest origination total for that time in eight years, Equifax said.
"Auto delinquencies have declined to levels last seen in mid-2006, and the strength in the performance of loans booked in the last few years is helping to make credit more widely available to those with higher-risk credit profiles, namely subprime borrowers," said Equifax Chief Economist Amy Crews Cutts.
Additional metrics for new credit include:
The recession appears to have changed the choices auto buyers make, Cutts said. "The choices consumers are making with the types of cars they are buying have changed in the aftermath of the Great Recession, with a heavy emphasis on value for the dollar," she said. Demand for new cars is rising, but the mix is now shifted towards economically and environmentally friendly features."