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Informative, News

The List: 10 Models with the Highest Percentage of Subprime Buyers

Automobile sales have led the charge in the slow post-recession economic recovery. Much of the strength in this segment has come from a group of buyers who found themselves out in the cold when the economy was at its worst: those with subprime credit.

During the direst days of the recession, those with poor credit had a hard time getting car loans. Default rates skyrocketed as borrowers grappled with the challenges presented by a weak economy, and lenders responded by tightening credit restrictions.

But these days, the sky has cleared. Banks are making it easier for those with less-than-stellar credit to obtain car loans, and this has had played a big role in reinvigorating the industry.

The road ahead for these buyers comes with pitfalls. Subprime borrowers face higher interest rates. Edmunds considers purchasers with loan rates of 10 percent or higher to be subprime.

We thought it would be interesting to look at the models that have benefited most from this renewed surge in subprime lending. The 10 nameplates listed below are those with the highest percentage of subprime purchasers. Figures and rankings represent 2012 sales, through mid-May.

1. Mitsubishi Galant

Percentage of subprime purchasers: 43

2. Suzuki SX4

Percentage of subprime purchasers: 41

3. Dodge Avenger

Percentage of subprime purchasers: 39

4. Kia Forte

Percentage of subprime purchasers: 37

5. Dodge Caliber

Percentage of subprime purchasers: 36

6. Nissan Sentra

Percentage of subprime purchasers: 26

7. Chrysler 200

Percentage of subprime purchasers: 24

8. Dodge Journey

Percentage of subprime purchasers: 21 (tie)

8. Nissan Versa

Percentage of subprime purchasers: 21 (tie)

9. Chevrolet Sonic

Percentage of subprime purchasers: 20

 

via Inside Line.

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