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:
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 consumers.
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.
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