In some good news for New York auto dealerships, loan defaults continued to drop in May down to a 1.03% default rate.
Loan defaults overall have dropped almost continuously in the past year, but auto loans in particular have hit record lows. Last month’s 1.03% rate was the lowest rate in 8 years, even as sub-prime loans were made more readily available to American consumers. Interestingly enough, the New York City area has also seen a drop in overall defaults from 1.94% in May 2011 down to 1.61% in May 2012.
These figures are very promising for car dealerships in the New York City area, especially those with a special finance department. Lenders are ready to work with car shoppers who don’t have great credit or even good credit. In return, consumers are repaying those loans and lowering the risk for car dealerships to keep working with consumers with low credit or no credit.
Is your dealership making the most of this perfect car buying climate? Special Finance Group wants to improve and supplement your dealership with our Complete Special Finance Solution which includes two in-house special finance experts, access to our fully-staffed business development center, and much more. To learn more about the Complete Special Finance Solution and what Special Finance Group can do for you, go to http://www.specialfinancegroup.com. Also, you can find the latest news from Special Finance Group online by liking Special Finance Group on Facebook and following Special Finance Group on Twitter.