The report shows that the share of new-vehicle loans to borrowers with tarnished credit -- from those with fair credit to the very riskiest -- grew by 12.7 percent year-over-year in the third quarter of 2010.
Both 30- and 60-day delinquency rates declined year over year. The 30-day delinquency rate was 2.99 percent, down from 3.27 percent, and the 60-day delinquency rate was 0.77 percent, down from 0.93 percent.
The average credit scores for customers who financed new or used vehicles were also down from a year ago, which is also a sign lenders have eased credit.
With the recent jump in consumer confidence and the aging vehicle fleet, broader availability of credit should keep the industry’s recovery rolling.