Orlando, Florida (PRWEB) December 21, 2011
Autoshopper.com refines Vehicle Search Page, to prepare to engage with Influx of Tax Season Auto Shoppers, after release of Standard and Poor's Indices. Experian announces car loan delinquencies fell 1.17% from October. Banks have more money to lend, and take risks. According to Experian: car loan delinquencies fell in the first quarter of 2011, for the first time in three years. Default rates have dropped by 28% from the previous year; meaning that banks are feeling more confident in lending to more sub prime customers.
According to a monthly survey from Standard & Poor's Indices and Experian, Auto-loan defaults were 1.17%, down from 1.22% in October and 1.77% a year earlier.
The banks also have more money to lend so they are more willing to take risks and lend to people with less than perfect credit.
This is good news for Independent Dealers because they have been working with people that have bad credit and subprime car loans for many years. Since the credit crisis millions of people who used to have good credit now fall under the sub prime category. Even though this is a discouraging look at the current economic situation, it is encouraging for the sub prime market.
As Auto Dealers Struggle through the Holidays, there is hope on the horizon, with the tax season ready to boost first quarter earnings. Coupled wit the good news from Experians Report, car sales may be on the rebound.