July 14, 2024
News

Credit availability declines in a sequential manner in May

Auto loan availability declined for the second consecutive month, but showed improvement compared to the same time last year in May. Despite concerns about affordability, consumer confidence saw an increase. The Dealertrack Credit Availability Index for May was 94.8, down from 98.3 in April, but up by 0.9% year-over-year, as reported by Cox Automotive. The decrease in availability may be attributed to various factors.

FAQ

1. What is the Dealertrack Credit Availability Index?

The Dealertrack Credit Availability Index is a measure of the availability of auto credit in the market.

2. Why did auto credit availability decline in May?

There could be various reasons for the decline in auto credit availability, including changes in lender policies, economic conditions, and consumer credit profiles.

Conclusion

Despite the recent decline in auto credit availability, there was an improvement compared to the previous year. Consumer confidence also saw a rise, despite concerns about affordability. It will be important to monitor these trends in the coming months to understand the impact on the automotive market.

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