The total number of auto loans originated in January 2011 is up nearly 24% over January 2010 originations, according to Equifax's National Credit Trends Report for March 2011.
Borrowers with Equifax Risk Scores of 640 or above represented nearly 84% of all new auto loans sourced through banks, credit unions and savings and loans in January 2011, the data showed. This same group represented nearly 65% of all loans sourced through auto finance companies.
The industry also continues to see a decline in write-offs with January to March 2011 auto loan write-offs at a five-year low at $5.5 billion, Equifax reported. This represents a decrease of 35% from January to March 2010 levels.
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