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Old 07-12-2010, 09:57 AM   #1
79LilRedExpress
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Default Over 25% of Americans now have Sub-prime Credit

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Originally Posted by 79LilRedExpress View Post
Maybe the FICO score, as we know it, will go away, the criteria will change or be replaced by a new system to better analyze a buyers situation and credit worth given the damage done by the banking industry over the last 18 months or so.
USA Today~July 12th~ B1

The credit scores of millions of Americans are sinking to new lows. Figures provided by FICO show that 25.5% of consumers- nearly 43.4 million people- now have a credit score of 599 or below...
It goes on to say...It's findings represent an increase of about 2.4 million people in the lowest cretit score categories in the past two years.
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Old 07-12-2010, 02:30 PM   #2
XDCX
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Originally Posted by 79LilRedExpress View Post
USA Today~July 12th~ B1

The credit scores of millions of Americans are sinking to new lows. Figures provided by FICO show that 25.5% of consumers- nearly 43.4 million people- now have a credit score of 599 or below...
It goes on to say...It's findings represent an increase of about 2.4 million people in the lowest cretit score categories in the past two years.
Great post - this is exactly what we were discussing.

Once I get caught up I'll spit your post off and create a new thread. I'd love to hear what our members are seeing in their showrooms as it relates to consumer credit and what lending institutions they're using to get these customers financed.
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Old 07-12-2010, 03:44 PM   #3
XDCX
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Default Over 25% of Americans now have Sub-prime Credit

Here's a link to the report in USAToday - click here

It's interesting to note that historically only 15% of Americans had sub-prime credit prior to the recession and now the figure is over 25%. Experts are in agreement that the percentage will continue to climb as the recession and high unemployment rates take their toll.

Are these sub-prime customers in your showroom looking for a new/used car or are they too afraid to shop knowing their credit is damaged?

Anyone have some good sources to fund the sub-600 customer?
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Old 07-12-2010, 04:00 PM   #4
Txflyer
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Are these sub-prime customers in your showroom looking for a new/used car or are they too afraid to shop knowing their credit is damaged?
We've had a rash of sub-500 credit score customers lately. They aren't afraid to shop, and just don't understand why they can't buy a new $48,000 Diesel HD Ram.
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Old 07-12-2010, 04:04 PM   #5
Granch
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We've had a rash of sub-500 credit score customers lately. They aren't afraid to shop, and just don't understand why they can't buy a new $48,000 Diesel HD Ram.
With nothing down ofcourse!
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Old 07-12-2010, 04:20 PM   #6
LJS
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With nothing down ofcourse!
Not only with nothing down, but they want to borrow the money for the sales tax, license, and the $4,000 worth of aftermarket wheels and tires they "need".
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