The automotive market saw a sizable increase in loan and lease originations, both in quantity and average amount. The significance of this surge is in its year-over-year gains not just against the pandemic-impacted second quarter of 2020, but also against 2019’s Q2.
The increase in originations varied across credit scores and brands.
“There is an increase in both the number of loans and the size of loans,” say researchers for the New York Federal Reserve Bank.
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Auto Loans, Lease Originations Soar in Second Quarter | WardsAuto