Auto Loan Rejection Rate Nearly Doubles in 2019: Fed Survey

Application rates for auto loans decline by 3% while mortgage application rates climb by nearly 2%.

By Peter Strozniak | December 23, 2019 at 12:02 PM

U.S. households' credit experiences and expectations remained fairly stable in 2019 compared to 2018, but the rejection rate for auto loans nearly doubled from 4.5% in October 2018 to 8.1% in October 2019, according to the Survey of Consumer Expectations Credit Access Survey released Dec. 16 by the Federal Reserve Bank of New York.

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