The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: Les H	12/27/2008 10:15:15 AM
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Access to car loans appears to be rising Published: Thursday, Dec. 25, 2008 \| Page 9B As an absolutely horrid year winds down for U.S. automakers and their dealer networks nationwide, some signs of hope are emerging for 2009. CNW Research, the Bandon, Ore.-based company that closely tracks multiple aspects of the nation's auto industry, said the gradual rebuilding of home equity lines of credit is a good sign. CNW said home- related repairs and upgrades remain at the top of consumers' wish lists, but the three-month trend points to improved new auto sales in early 2009. CNW also said its research shows that a "growing percentage of used-car customers with FICO scores under 670 are getting approved for loans." "The share of used-car buyers with FICO scores less than 670 grew to nearly 29 percent in the first half of December," CNW said. That's on the heels of 27 percent in November. CNW cited those numbers as "yet another indication that money is finding its way to auto loans. While hardly a tidal wave, this marks the second monthly increase in sub-670 share of used paper." Earlier this year, some U.S. consumers with FICO scores below 700 were unable to get loans. – Mark Glover sacbee.com

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