More borrowers see auto loan apps turned down, N.Y. Fed says
Relief from lower interest rates has been felt primarily by customers with high credit scores. According to data from Dealertrack, the average interest rate on new-vehicle loans charged for superprime borrowers, or customers with FICO scores above 760, declined 70 basis points from January to November. But for subprime borrowers, it increased more than 2 percentage points. (DAVID PHILLIPS)
