Be sure to scan the September QR Code in your BEB Calendar this month, it makes us laugh every time! Check it out here!
September 2017 QR Code
Leave a reply
Category Archives: Blog with BEBdata
Happy Labor Day Weekend
From all of us at BEBdata, we hope you have a safe and happy Labor Day Weekend!
Lenders Tighten Subprime Standards
Deterioration of loan performance has moved lenders to tighten standards. Based on Federal Reserve Senior Loan Officer survey data, we’ve seen the following changes since 2016:
- 4 quarters of lenders reporting tighter loan standards
- 5 quarters of increasing spreads on loan rates
- 4 of 5quarters with increases in minimum required down payments
- 5 quarters of higher minimum required FICO scores
- 6 quarters of tightening policies on customers who do not meet credit score thresholds
S&P/Experian reported that the auto loan default rate fell to 0.82 percent in June 2017, the lowest level in the data series, which dates back to 2004.
29 Million Auto Loans & Leases
Did you know that a record 29 million auto loans and leases were originated in 2016?
10 Million Credit Cards
Did you know that companies issued more than 10 million cards to subprime borrowers last year?
From CBS News
Buying a Car with Bad Credit 4
We’re reviewing the four things that you need to provide to a dealer in order to get a car loan if you have bad credit.
4. References – This typically should be a minimum of six people, with full names, addresses and phone numbers. They can be co-workers or friends, but some lenders prefer you to use relatives. The one rule is that they cannot live at the same address as you, and each must have a different address.
Buying a Car with Bad Credit 3
We’re reviewing the four things that you need to provide to a dealer in order to get a car loan if you have bad credit.
3. Working phone – This must be a landline or contract cell phone from a national carrier, in your name. Prepaid cell phones can’t be used. As lenders sometimes say “No phone, no loan!” This is so they can reach you if something happens, such as missing a payment.
Buying a Car with Bad Credit 2
We’re reviewing the four things that you need to provide to a dealer in order to get a car loan if you have bad credit.
2. Proof of residence – This must be a current (within the past 30 days) utility bill in your name, showing the address used on the application. A good tip: make sure your bill is up to date. It may not look so good to a lender if the bill you are using as proof is 30- or 60-days past due. Also, most lenders will require your rent or mortgage to be current.
Buying a Car with Bad Credit 1
We’re reviewing the four things that you need to provide to a dealer in order to get a car loan if you have bad credit.
- Proof of income – This must be in the form of a computer-generated check stub. It must be current, show year-to-date income, and your wages must be reported on a W-2 form at the end of the year (most subprime lenders have a problem with income like SSI and disability).
from Auto Credit Express
16 Million Subprime Consumers
Nerdwallet study shows that more than 16 million Americans with subprime credit scores are carrying credit cards. Ready more here.