Discussion Paper
Just Released: Looking under the Hood of the Subprime Auto Lending Market
Abstract: Today, the New York Fed released the Quarterly Report on Household Debt and Credit for the second quarter of 2014. Aggregate debt was relatively flat in the second quarter as housing-related debt shrank, held down by sluggish mortgage originations. But non-housing debt balances increased across the board, with especially strong gains in auto loans. Auto loan balances, which include leases, have increased for thirteen straight quarters, and originations have not been this high since the third quarter of 2006. The Quarterly Report and the following analysis are based on data from the New York Fed?s Consumer Credit Panel, a nationally representative sample drawn from anonymized Equifax credit data.
Keywords: subprime auto loans;
JEL Classification: D1;
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Bibliographic Information
Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2014-08-14
Number: 20140814