Harder to get a car loan
This week is jam packed with possible market moving events.
Tuesday: May CPI Inflation Data
Wednesday: PPI Inflation Data
Wednesday: Fed Meeting, will they raise Fed Funds Rates?
Thursday: Retail Sales Data
Thursday: Initial Jobless Claims
Lenders of Auto Loans are Tightening UP
Sources: on Twitter @CarDealershipGuy
Over the past 60 or so days the auto lending world has been contracting.
Citizens Financial Group exited indirect auto lending
PenFed Credit Union started reducing dealers from indirect auto lending
Wells Fargo laid off all of its Junior Auto loan underwriters and capped future loans
US Auto Sales shut down 39 dealerships
Capital One shut off all dealer floorplans (aka inventory lines of credit)
Credit is tightening. Lenders are reducing risk in the auto space but also in all of lending.
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