Customers financed $41,445 on the average new-vehicle loan and $27,768 on the average used vehicle loan during the 4th quarter. Those loans on average had higher interest rates and higher monthly payments than a year earlier. Meanwhile, a larger proportion of customers were behind on their loans. Here are more highlights from Experian.
Market share of total financing
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Total risk distribution
Loan and lease, new and used
| Q4 2018 |
|
| Q4 2019 |
|
| Q4 2020 |
|
| Q4 2021 |
|
| Q4 2022 |
|
Near Subprime
Subprime
Deep Subprime
Prime
Super Prime
30-day delinquency
Percentage of loans delinquent
| Q4 2018 |
|
2.43% |
| Q4 2019 |
|
2.42% |
| Q4 2020 |
|
1.81% |
| Q4 2021 |
|
1.86% |
| Q4 2022 |
|
2.31% |
60-day delinquency
Percentage of loans delinquent
| Q4 2018 |
|
0.83% |
| Q4 2019 |
|
0.83% |
| Q4 2020 |
|
0.64% |
| Q4 2021 |
|
0.66% |
| Q4 2022 |
|
0.87% |
New-vehicle loans
Average amount financed
| Q4 2020 |
|
$35,420 |
| Q4 2021 |
|
$39,834 |
| Q4 2022 |
|
$41,445 |
Average loan rate
| Q4 2020 |
|
4.3% |
| Q4 2021 |
|
3.88% |
| Q4 2022 |
|
6.07% |
Average monthly payment - lease
| Q4 2020 |
|
$469 |
| Q4 2021 |
|
$535 |
| Q4 2022 |
|
$578 |
Average monthly payment - loan
| Q4 2020 |
|
$578 |
| Q4 2021 |
|
$646 |
| Q4 2022 |
|
$716 |
Average term - lease (In months)
| Q4 2020 |
|
36.49 |
| Q4 2021 |
|
36.74 |
| Q4 2022 |
|
35.42 |
Average term - loan (In months)
| Q4 2020 |
|
69.63 |
| Q4 2021 |
|
69.64 |
| Q4 2022 |
|
69.44 |
Used-vehicle loans
Average amount financed
| Q4 2020 |
|
$22,643 |
| Q4 2021 |
|
$27,390 |
| Q4 2022 |
|
$27,768 |
Average loan rate
| Q4 2020 |
|
8.41% |
| Q4 2021 |
|
8.22% |
| Q4 2022 |
|
10.26% |
Average monthly payment
| Q4 2020 |
|
$417 |
| Q4 2021 |
|
$490 |
| Q4 2022 |
|
$526 |
Average term (In months)
| Q4 2020 |
|
65.66 |
| Q4 2021 |
|
67.35 |
| Q4 2022 |
|
68.01 |
SOURCE: Experian
