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Equifax, Moody’s Predict Growth in Auto Finance Market

U.S. consumer credit data from CreditForecast.com, a joint product of Equifax and Moody’s Analytics, projects a rebounding consumer environment along with recovering auto and home markets in 2012.

As numbers reflect pre-recession totals, consumers should anticipate steady economic growth in major sectors, according to both companies. Delinquency rates in auto, bankcard and consumer finance are back to pre-recession levels, while home mortgages continue to see the highest percentage of delinquencies.

“After spending recent years in the financial doldrums, U.S. consumers are poised to make a comeback in 2012,” said Amy Crews Cutts, Equifax chief economist. “The most promise we have seen has primarily been within the consumer spending and auto financing sector, while the housing market continues to see incremental progress toward gaining traction in the coming months.”

An increase in auto sales has been driving the increasing demand for auto financing, according to CreditForecast.com data. Growth in auto bank and auto finance originations continue to trend upward nationally, with auto loan inquiries up 27 percent, demonstrating continued positive momentum.

via F&I Magazine.



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