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1 © Experian
©2020 Experian Information Solutions, Inc. All rights reserved. Experian and the Experian marks used herein are
trademarks or registered trademarks of Experian Information Solutions, Inc. Other product and company names
mentioned herein are the trademarks of their respective owners. No part of this copyrighted work may be reproduced,
modified, or distributed in any form or manner without the prior written permission of Experian.
Experian Public.
Finance Market Report
Presented by
Melinda Zabritski
AUTOMOTIVE INDUSTRY INSIGHTS
Q2 2020
2 © Experian
Today’s speaker
Throughout her career with Experian, Zabritski has overseen
the product strategy for Experian Automotive’s lending
channel and creation of the automotive credit vertical. After
over 18 years in product management, she transitioned into
sales and consulting. Zabritski also serves as Experian’s
primary analyst and spokesperson regarding key automotive
finance trends.
Melinda Zabritski
Sr. Director of Automotive Financial Solutions
Experian
Experian Public. State of the Automotive Finance Market Q2 2020
3 © Experian
Session overview
Origination trends
• Overall financing
• New loans & leases
• Used financing
Monthly insights
• COVID-19 impact on financing
• Lender market share
• Financing trends
Experian Public. State of the Automotive Finance Market Q2 2020
4 © Experian
Q2 2020 Originations
Trends in automotive loan andlease originations
Experian Public. State of the Automotive Finance Market Q2 2020
5 © Experian
Automotive financing1
Snapshot of how and what consumers are financing
1 Financing = either a loan or lease is present on the title; 2 All = loan, lease or cash
Experian Public. State of the Automotive Finance Market Q2 2020
6 © Experian
Over 73% of current + 8MY vehicles have financing
Experian Public. State of the Automotive Finance Market Q2 2020
7 © Experian
16.09%
14.33%
14.12%
12.50%
8.73%
4.34%
3.98%
3.92%
2.89%
2.89%
2.14%
1.95%
1.87%
1.18%
1.02%
Full-Pickup-Non luxury
Small-SUV-Non luxury
Mid-Size-Sedan-Non luxury
Mid-Size-SUV-Non luxury
Small-Sedan-Non luxury
Mid-Size-Pickup-Non luxury
Mid-Size-SUV-Luxury
Full-SUV-Non luxury
Mid-Size-Minivan-Non luxury
Small-Hatchback-Non luxury
Mid-Size-Sedan-Luxury
Small-Sedan-Luxury
Sport-Coupe-Non luxury
Full-SUV-Luxury
Full-Sedan-Luxury
What are consumers purchasing? Full-sized pick-ups have moved back to the top spot
Experian Public. State of the Automotive Finance Market Q2 2020
8 © Experian
Captives, BHPH and Finance Companies gain share
Experian Public. State of the Automotive Finance Market Q2 2020
34.8%32.3% 30.2% 32.7%
30.2%
7.1% 7.1% 6.8% 6.7% 7.6%
27.7% 28.6% 29.5% 28.6%
31.1%
18.7%20.3%
22.1%19.8%
18.7%
11.6% 11.6% 11.4% 12.2% 12.4%
Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Market Share of Total Financing (new/used & loan/lease)
Bank
BHPH
Captive
Credit Union
Finance Co
9 © Experian
3.44% 6.38% 3.63% 3.54% 3.54% 3.45% 3.09% 3.12% 2.73%
20.05%23.85%
19.65% 19.76% 19.28% 18.41% 18.02% 17.99% 17.86%
17.66%
19.92%
19.77% 20.10% 20.28% 19.62% 19.70% 19.51% 19.44%
36.85%
32.76%38.78% 38.54% 39.01% 39.41% 39.92% 39.74% 40.96%
22.00%17.09% 18.17% 18.07% 17.90% 19.10% 19.27% 19.63% 19.01%
Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Total1 financing by risk segment
Deep subprime Subprime Nonprime Prime Super prime
Higher risk segments reach an 8-year Q1 low
Experian Public. State of the Automotive Finance Market Q2 2020
1Total financing = loan and lease transactions on both new and used vehicles
10 © Experian
5.11% 5.25% 5.25% 4.36% 3.64% 3.77% 4.09% 4.04% 4.00% 4.06% 3.98% 3.54% 3.53% 2.98%
24.47% 21.86% 18.20% 18.17% 19.70% 21.56% 24.23% 21.40% 21.78% 21.46% 20.57% 20.10% 19.88% 19.20%
17.76%16.92%
15.59% 16.04% 17.40%18.13%
19.30%20.16% 20.55% 20.88% 20.35% 20.44% 20.23% 20.05%
34.53%35.63%
37.62% 37.90% 37.46% 36.17%34.31% 37.41% 36.95% 37.34% 37.83% 38.41% 38.45% 40.25%
18.13% 20.34% 23.33% 23.53% 21.81% 20.37% 18.07% 16.99% 16.73% 16.26% 17.27% 17.51% 17.91% 17.53%
Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Total1 loan by risk segment
Deep subprime Subprime Nonprime Prime Super prime
Deep subprime loans fall under 3% for the first time
Experian Public. State of the Automotive Finance Market Q2 2020
1Total financing = loan transactions on both new and used vehicles
11 © Experian
New financing
A look at new lease & loan trends
12 © Experian
31.7%28.8%
26.1%28.0%
23.9%
52.2% 53.2% 54.2% 54.8%
61.2%
11.4% 12.7% 14.3%11.8% 10.2%
4.6% 5.1% 5.2% 5.2% 4.6%
Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Market Share of New Financing (loan/lease)
Bank
Captive
Credit Union
Finance Co
Captives show large share increase for new financing
Experian Public. State of the Automotive Finance Market Q2 2020
13 © Experian
708
711 711713
718
710
714715
717
721
716
722 722724
729
Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Average new credit scores
Credit scores see sharp increase for new financing
8/28/2020 Experian Public. State of the Automotive Finance Market Q2 2020
New lease
All new
New loan
14 © Experian
6.41% 5.55%
15.35% 14.13%
47.69% 47.61%
30.10% 32.41%
Q2 2019 Q2 2020
New lease risk distribution
Deep Subprime Subprime Nonprime Prime Super Prime
Subprime leasing takes a sharp decrease to only 5.8% while leasing share among risk segments also drops
23.5%
30.7%
34.8%
18.3%
21.4%
25.5%
Deep & Sub
Nonprime
Prime +
% of new borrowers choosing to lease
Q2 2020
Q2 2019
Experian Public. State of the Automotive Finance Market Q2 2020
Deep subprime =
0.29%
(down 35%)
15 © Experian
Michigan and the Northeast have the greatest share of new state financing as lease
Experian Public. State of the Automotive Finance Market Q2 2020
16 © Experian
Top 20 new makes that are leased
Experian Public. State of the Automotive Finance Market Q2 2020
17 © Experian
Finance type among top 20 leased new makes
Experian Public. State of the Automotive Finance Market Q2 2020
18 © Experian
$419 $459 $508
$650
$479 $452
$666$578
$663$574
$291$369 $381
$465$363 $336
$449 $475 $491$402
CIVIC CR-V RAV4 1500 ACCORD EQUINOX F150 GRANDCHEROKEE
EXPLORER TACOMA
Loan vs. lease monthly payment comparison on top leased models Loan payment
Lease payment
Mix of car, truck and CUV make up the top 10 most leased vehicles with average payment difference of $102
4.5%
2.8% 2.7%2.3% 2.3% 2.2% 2.2% 2.1% 1.9% 1.8%
CIVIC CR-V RAV4 1500 ACCORD EQUINOX F150 GRANDCHEROKEE
EXPLORER TACOMA
Top 10 new leased models by market share
Experian Public. State of the Automotive Finance Market Q2 2020
19 © Experian
$486 $480$466 $457 $450 $458
$509
$476 $473 $463 $467 $467
Deep Subprime Subprime Nonprime Prime Super Prime Total
Average new lease paymentQ2 2019 Q2 2020
Leasing payments also rise while terms decrease slightly
37.2337.46 37.40
36.96
35.98
36.76
37.35 37.2137.40
36.92
35.87
36.66
Deep Subprime Subprime Nonprime Prime Super Prime Total
Average new lease term
Experian Public. State of the Automotive Finance Market Q2 2020
20 © Experian
New subprime loans are at an 8-year low
Experian Public. State of the Automotive Finance Market Q2 2020
1.09% 0.81% 0.38% 0.31% 0.32% 0.45% 0.49% 0.64% 0.79% 0.79% 0.84% 0.87% 0.76% 0.37%
13.90% 11.25%6.48% 6.54% 8.02% 9.65% 9.95% 10.49% 11.17% 11.02% 10.79% 10.98% 10.28% 8.01%
15.58%14.63%
12.08% 12.37% 13.75% 14.68% 16.21% 17.69% 18.02% 18.24% 17.70% 17.46% 17.06%16.67%
41.01%41.86%
43.61% 43.65%43.42%
42.72% 42.70%43.82% 43.04% 43.29% 42.78% 42.67% 43.03% 46.63%
28.42% 31.44%37.44% 37.13% 34.49% 32.49% 30.66% 27.36% 26.98% 26.67% 27.89% 28.02% 28.86% 28.33%
Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
New loans by risk segment
Deep subprime Subprime Nonprime Prime Super prime
21 © Experian
$28,991$32,284
$36,912 $37,866$33,690
$36,072
DeepSubprime
Subprime Nonprime Prime Super Prime Total
Average loan amount by tier
Record high new loan amounts drive increased payments
Experian Public. State of the Automotive Finance Market Q2 2020
$2,277$2,489
$3,202$3,819
$4,548$3,953
DeepSubprime
Subprime Nonprime Prime Super Prime Total
Year-over-year change in loan amount
$562$579
$591$574
$541
$568
DeepSubprime
Subprime Nonprime Prime Super Prime Total
Average monthly payment by risk tier
$16$12
$17 $15
$26
$18
DeepSubprime
Subprime Nonprime Prime Super Prime Total
Year-over-year change in payments
22 © Experian
72.46 73.3074.28
73.04
66.88
71.54
DeepSubprime
Subprime Nonprime Prime Super Prime Total
Average loan term by tier
Average new term reaches record high while rates decrease
Experian Public. State of the Automotive Finance Market Q2 2020
0.120.40
1.07
2.57
3.71
2.37
DeepSubprime
Subprime Nonprime Prime Super Prime Total
Year-over-year change in new loan term
13.97%11.33%
7.14%4.21% 3.24%
5.15%
DeepSubprime
Subprime Nonprime Prime Super Prime Total
Average loan rates by tier
-73-87
-98 -96 -99-112
DeepSubprime
Subprime Nonprime Prime Super Prime Total
Year-over-year change (bps) in loan rate
23 © Experian
19.7%
40.6%
31.1%
1.3%
15.7%
39.9%
35.1%
4.8%
49 - 60 61 - 72 73 - 84 85 - 96
Percentage of new loans by term
Q2 2019 Q2 2020
73+ month terms grow along with higher average credit scores for longer term new loans
Experian Public. State of the Automotive Finance Market Q2 2020
758
701683
703
762
712698
720
49 - 60 61 - 72 73 - 84 85 - 96
Average new score by loan term
Q2 2019 Q2 2020
24 © Experian
Used financing
A look at used automotive loan trends
25 © Experian
Market share growth for all but credit unions and banks in used financing
Experian Public. State of the Automotive Finance Market Q2 2020
37.3%35.2%
33.7%
36.4%34.8%
13.0% 12.9% 12.6% 11.9%13.0%
7.4% 8.1% 8.3% 8.1%9.2%
24.9%26.7%
28.8%
26.1%24.9%
17.5% 17.0% 16.7% 17.6% 18.0%
Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Market Share of Used Financing (loan/lease)
Bank
BHPH
Captive
Credit Union
Finance Co
26 © Experian
Tennessee leads with the largest percentage of loans for used cars; Vermont has the lowest
Experian Public. State of the Automotive Finance Market Q2 2020
27 © Experian
648 652 655 656 657
674 673680 680 682
608 611616 617 615
Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Average used credit scores
Used scores show steady increase
Experian Public. State of the Automotive Finance Market Q2 2020
Franchise used
All used
Independent used
28 © Experian
Deep subprime used loans fall to record lows
Experian Public. State of the Automotive Finance Market Q2 2020
7.83% 8.09% 7.98% 6.83% 5.76% 6.00% 6.25% 6.18% 5.93% 5.79% 5.63% 5.00% 4.93% 4.35%
31.63% 28.64% 24.79% 25.25% 27.14% 29.54% 32.78%28.30% 28.17% 26.98% 25.71% 25.05% 24.72% 25.09%
19.23%18.37%
17.56% 18.27% 19.73%20.44%
21.16%21.72% 22.08% 22.28% 21.75% 22.05% 21.83% 21.83%
30.15%31.66%
34.26% 34.40% 33.65%31.78%
29.29% 33.36% 33.27% 34.20% 35.23% 36.09% 36.14% 36.90%
11.17% 13.25% 15.41% 15.24% 13.72% 12.24% 10.53% 10.44% 10.54% 10.75% 11.68% 11.80% 12.38% 11.84%
Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Q2 2018 Q2 2019 Q2 2020
Used loans by risk segment
Deep subprime Subprime Nonprime Prime Super prime
29 © Experian
93
.43
%
83
.82
%
72
.86
%
64.1
4%
47
.61
%
95
.76
%
85
.62
%
71
.34
%
60
.07
%
44
.26
%
DeepSubprime
Subprime Nonprime Prime Super Prime
Percentage of consumers by risk tier choosing used loans
Q2 2019 Q2 2020
Higher scoring consumers shift back into new vehicles
17.15% 16.44%
22.67% 23.01%
42.82% 44.30%
15.52% 15.01%
Q2 2019 Q2 2020
Used Franchise loan risk distribution
Deep Subprime Subprime Nonprime Prime Super Prime
9.87% 9.21%
36.79% 38.84%
21.09% 20.89%
25.59% 25.04%
6.66% 6.02%
Q2 2019 Q2 2020
Used Independent loan risk distribution
Deep Subprime Subprime Nonprime Prime Super Prime
Experian Public. State of the Automotive Finance Market Q2 2020
Deep subprime =
1.24%
(down 33%)
30 © Experian
Overall & Franchise used loan amounts reach record high; YOY amounts decrease for higher risk segments
-$303 -$37
$523
$971$1,149
$760
-$300-$35
$567$997 $1,095
$819
-$322-$87
$320$742
$1,121
$408
Deep Subprime Subprime Nonprime Prime Super Prime Total
Year-over-year change in loan amount
$15,468$17,180
$20,449
$22,743 $22,350$20,916
$17,192$19,179
$22,346$24,111
$23,246 $22,741
$14,555$15,458
$17,747
$20,247 $20,575
$17,993
Deep Subprime Subprime Nonprime Prime Super Prime Total
Average loan amount by tierAll Used Franchise used Independent used
Experian Public. State of the Automotive Finance Market Q2 2020
31 © Experian
$414 $410$401
$390 $389 $397$419 $422 $419
$406 $402$411$415
$404$382
$364 $364$383
Deep Subprime Subprime Nonprime Prime Super Prime Total
Average monthly payment by risk tier All used Franchise used Independent used
Used payments increase YOY but remain stable year-to-date
$3 $3
$6 $6 $7$5
-$3 -$1
$5 $5 $4 $3$5 $4
$7 $6
$9
$6
Deep Subprime Subprime Nonprime Prime Super Prime Total
Year-over-year change in payments
Experian Public. State of the Automotive Finance Market Q2 2020
32 © Experian
Terms reach record highs for overall & franchise used loans
59.19 62.64 66.01 67.05 63.36 65.3065.20 67.28 68.69 68.39 64.05 67.6055.74 58.39 61.92 64.48 62.30 61.50
Deep Subprime Subprime Nonprime Prime Super Prime Total
Average loan term by tierAll Used Franchise used Independent used
-1.26
-0.24
0.22
0.710.92
0.48
-0.86
-0.19
0.20
0.760.94
0.50
-1.58
-0.45
0.04
0.48
0.96
0.11
Deep Subprime Subprime Nonprime Prime Super Prime Total
Year-over-year change in used loan term
Experian Public. State of the Automotive Finance Market Q2 2020
33 © Experian
9.3%
22.6%
43.5%
18.7%
9.1%
21.2%
43.4%
20.6%
37 - 48 49 - 60 61 - 72 73 - 84
Percentage of used loans by term
Q2 2019 Q2 2020
73+ month terms grow along with average credit scores for longer terms
Experian Public. State of the Automotive Finance Market Q2 2020
659
688
660674
658
690
665679
37 - 48 49 - 60 61 - 72 73 - 84
Average used score by loan term
Q2 2019 Q2 2020
34 © Experian
Used loan rates show steady decreases for all but higher risk segments
20.67%17.78%
11.41%
6.05%4.08%
9.69%
19.78%
16.44%
10.56%
5.80%4.02%
8.47%
21.31%19.25%
13.30%
6.89%4.23%
12.55%
Deep Subprime Subprime Nonprime Prime Super Prime Total
Average loan rates by tierAll Used Franchise used Independent used
5842
3
-49-69
-38
4923
-9
-54-72
-50
55 4923
-33
-65
1
Deep Subprime Subprime Nonprime Prime Super Prime Total
Year-over-year change (bps) in loan rate
Experian Public. State of the Automotive Finance Market Q2 2020
35 © Experian
COVID impacts
Drill-down into year-to-date automotive
financing
36 © Experian
4.1% 9.7%
-5.8%
-54.0%-32.4%
0.2%
-3.6%
4.7%
-1.0%
-50.8%-33.3%
-10.6%
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 June 2020
YOY volume1 change
Used New
How has COVID impacted consumer purchase volume?
Experian Public. State of the Automotive Finance Market Q2 2020
1= loan, lease or cash
63.9% 68.6% 70.4% 67.3% 68.5% 69.2%
36.1% 31.4% 29.6% 32.7% 31.5% 30.8%
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 June 2020
Market1 composition
37 © Experian
55.4% 54.5% 55.7% 63.8% 66.1% 65.2%
28.7% 29.8% 30.0% 24.0% 23.3% 23.8%15.8% 15.8% 14.3% 12.2% 10.6% 11.0%
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 June 2020
Transaction type Cash Lease Loan
COVID and the impact on how consumers are financing
Experian Public. State of the Automotive Finance Market Q2 2020
-2.1% -0.2%
0.6%13.7% 18.9% 15.3%
1.0%
-4.0% -2.6%-19.9% -22.4% -18.8%
6.0% 9.1% 3.4%
-12.3%-26.3% -22.2%
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 June 2020
YOY change in transaction type
38 © Experian
34.1% 35.3% 35.0%27.4% 26.1% 26.8%
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 June 2020
New lease % of new financing (loan/lease)
COVID and the impact on how consumers are financing
Experian Public. State of the Automotive Finance Market Q2 2020
2.09%
-2.47% -2.03%-21.50% -25.68% -21.69%
Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 June 2020
YOY change in new leasing
39 © Experian
New market share(loan and lease units combined)
Experian Public. State of the Automotive Finance Market Q2 2020
28.30% 27.60% 28.00%29.60% 29.50% 29.10% 29.20% 29.10% 28.50% 29.80% 30.40% 30.20%
26.70%
23.30% 22.8%
54.60% 55.20% 55.10%53.30% 53.30% 54.10% 53.40% 53.30%
54.90%53.40% 52.20% 52.70%
55.70%
62.10%63.5%
11.80% 11.90% 11.80% 12.10% 12.10% 11.70% 12.00% 12.00% 11.60% 11.70% 12.10% 11.60% 11.40%10.00% 9.8%
5.20% 5.20% 4.90% 4.80% 5.00% 4.90% 5.20% 5.40% 4.90% 5.00% 5.20% 5.30% 6.00%4.50% 3.82%
Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Bank Captive Credit Union Finance Co
40 © Experian
721
715
712 712
714715
721
717
715
710
718
722
Jan Feb Mar Apr May Jun
New auto loans
2019
2020
Monthly average credit score and distribution shifts on new vehicle loans
Experian Public. State of the Automotive Finance Market Q2 2020
9.6% 10.2% 10.8% 10.4% 8.2% 7.4%
15.4% 16.3% 17.2% 18.5% 16.6% 15.7%
75.0% 73.5% 72.0% 71.1% 75.2% 76.9%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Risk distribution for new loans
Prime
Nonprime
Subprime
3.4%
-2.5% -4.7%-9.8%
-25.3%-30.3%
-1.0% -4.2%-0.5%
7.0%
-2.9%-6.5%
-0.2%
1.3% 0.9%
-0.1%
4.6% 5.9%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
YOY change in risk distribution for new loans
Subprime
Nonprime
Prime
41 © Experian
663 661
649650
658
661
665664
653652
654
661
Jan Feb Mar Apr May June
Used auto loans
2019
2020
Monthly average credit score and distribution shifts on used vehicle loans
Experian Public. State of the Automotive Finance Market Q2 2020
26.6% 26.7% 31.8% 31.7% 30.7% 27.3%
21.0% 21.1%21.1% 22.0% 21.7% 21.8%
52.5% 52.2% 47.1% 46.4% 47.6% 50.9%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Risk distribution for used loans
Prime
Nonprime
Subprime
-1.9% -2.8%
-4.2%
-2.1%
6.1%
-0.6%
-2.1% -2.8%
-1.3%
0.8%
-0.9%
0.2%1.9%
2.7%3.6%
1.1%
-3.2%
0.2%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
YOY change in risk distribution for used loans
Subprime
Nonprime
Prime
42 © Experian
$33,772 $33,588 $33,788$36,556 $36,323 $35,637
$20,972 $20,803 $20,302 $20,781 $20,843 $20,969
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Average loan amount
Changes in loan characteristics
Experian Public. State of the Automotive Finance Market Q2 2020
$570 $567 $565 $579 $565 $562
$398 $396 $394 $400 $397 $394
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Average monthly payment
68.80 69.18 69.63
72.32 71.9470.81
65.00 64.88 64.5965.29 65.20 65.37
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Average loan term
5.44% 5.60% 5.75% 5.58%5.01% 4.93%
9.17% 9.36%10.37% 10.28% 9.82%
9.25%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Average loan rate
New
Used
43 © Experian
Q2 Summary
• Captive market share rebounds as more prime consumers shift back into new vehicles
• Leasing remains low year-to-date
• Credit scores rise while subprime reaches some record lows
• Shifts to full-size pick-ups drive increased loan amounts resulting in higher payments while loan terms extend
• COVID results in reduction in subprime distributions and increased new financing among many borrowers
43 © Experian Experian Public. State of the Automotive Finance Market Q2 2020
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