It is the 14th of October 2019

News

Auto Loan Madness Continues As US Car Buyers Take On Record Debt, Lunatic Financing Terms

Way back in June, we noted that auto sales had reached 10-year highs on record credit, record loan terms, and record ignorance. We based that assessment on the following set of Q1 data from Experian: 

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Despite LeBeau-gasms, Domestic Vehicle Sales Slide For 2nd Month In A Row, Miss By Most In 5 Months

Well this is a little awkward. After a day of exuberant unsubstantiated auto sales proclamations that a) it's not all subprime, b) 8-year credit terms do not pull forward demand, and c) it's totally sustainable; anyone could have been forgiven for being excited about the total vehicle sales of 18.12mm (according to Wards' data), just above expectations of 18.10mm and flat from October. However, Wards reported just 14.03mm domestic vehicles sold (missing expectations by the most since June) and dropping for the 2nd month in a row. Those darned facts do get in the way eh?

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