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In January, Tesla Inc. lead U.S. luxury market sales, lapping segment leader BMW in new vehicle registration, finds Experian data.
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Alternative fuel vehicles now represent nearly 16% of new vehicle financing; banks originated more than 55% of new alternative fuel vehicle loans.
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Tesla’s Model Y could overtake BMW as the top-selling luxury model when its plant opens in Texas.
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Short supplies of new vehicles drove a dip in consumer loyalty of over 3 percentage points, according to Experian.
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Inventory shortages continue to push average loan amounts and monthly payments for used vehicles higher.
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Overall, the automotive finance market has remained resilient, despite the pandemic. Staying close to the data will help lenders ensure they have the right options available to fit consumers’ needs and budgets.
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Incorporating vehicle history reports into the lending decisions can help uncover hidden issues with the vehicle and adjust loan terms accordingly.
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As we look at the market in Q3, there were a number of notable statistics that can help lenders identify trends and inform strategy.
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Despite smaller percentage of financed vehicles, outstanding loan balances grew 2.8% year-over-year to more than $1.2 trillion.
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The average loan amount for a new vehicle jumps $4,000; however, the average monthly payment remains steady.
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