June 19, 2024
News

Axis Auto originations plummet 86% as company considers selling

Axis Auto Finance’s vehicle loans continued to decrease in the third quarter as the lender has tightened its credit standards and prepares for a sale. Vehicle loans dropped 45.1% from the previous quarter and 86.1% compared to the same period last year, totaling $4.5 million in Axis’ Q3 of fiscal year 2024, ending on March 31, as stated in the lender’s May 15 earnings report.

FAQs

  • What is Axis Auto Finance’s current focus?
  • How much did auto originations decrease by in the third quarter?
  • When is Axis Auto Finance’s fiscal year 2024 ending?

Conclusion

Axis Auto Finance’s auto originations have experienced a significant decline in the third quarter of fiscal year 2024, indicating a shift in the lender’s credit strategy. With a tightening credit environment and preparations for a sale, Axis continues to navigate through changes in the auto financing landscape.

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