Explosion in Sub-Prime Auto Lending

The Fed has contributed to the explosion of sub-prime lending due to their activities.

Sub-prime lending encompasses “customers with an average credit score of 556 and average annual income of $38,393, according to the pitch book. These borrowers pay an average interest rate of 21.4 percent a year. (Median U.S. household income was an inflation-adjusted $50,054 in 2011, according to the Census Bureau. On the widely used FICO credit-scoring scale, produced by Fair Isaac Corp, 640 or less is considered subprime.)” Read more at: http://www.reuters.com/article/2013/04/03/us-usa-qe3-subprimeauto-special-report-idUSBRE9320ES20130403

Recent Posts

Reach Out Now for Help!

"*" indicates required fields

Okay to Text You?*
Was the Car NEW, USED or CERTIFIED PRE-OWNED when you bought it?*
How do you use the car?*
MM slash DD slash YYYY
Did you finance the purchase with a loan?*
Did sign and were you given a copy of your credit application?*
If you financed the purchase, are you current with the payments?*
Do you still have the car?*
Consent*
This field is for validation purposes and should be left unchanged.