The size of the average car loan decreased from $19,813 to $19,705 in the year 2000, according to a recent study by the Consumer Banker's Association.
In other words, despite a 6 percent increase in vehicle prices, it appears that more consumers are paying cash, or providing larger downpayments when purchasing new cars.
Some 44 percent of new auto loan originations had credit bureau scores of 720 and above, up 41 percent from 1999. Fourteen percent had scores below 620, compared to 11 percent in 1999. However, leasing originations shrunk 4.7 percent, compared to an 11.5 percent growth the previous year.
Copyright America's Community Bankers Aug 2001
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"Size of car loans decrease in 2000". Community Banker. Aug 2001. FindArticles.com. 16 Jun. 2008. http://findarticles.com/p/articles/mi_qa5344/is_200108/ai_n21476339
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