Just Released: Looking under the Hood of the Subprime Auto Lending Market

Andrew Haughwout, Donghoon Lee, Joelle Scally and Wilbert van der Klaauw

No 20140814, Liberty Street Economics from Federal Reserve Bank of New York

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 (search for similar items in EconPapers)
JEL-codes: D1 (search for similar items in EconPapers)
Date: 2014-08-14
New Economics Papers: this item is included in nep-ure
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