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07-12-2010, 08:57 AM | #1 | |
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Over 25% of Americans now have Sub-prime Credit
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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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07-12-2010, 01:30 PM | #2 | |
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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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07-12-2010, 02:44 PM | #3 |
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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? |
07-12-2010, 03:00 PM | #4 |
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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.
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07-12-2010, 03:04 PM | #5 |
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07-12-2010, 03:20 PM | #6 |
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