American car buyers are getting bigger credit risks of these days, and that has two major implications - one for car buyers, another for the dealers.
The creditworthiness of the vehicle buyers fell sharply during the first two months of 2012, equivalent to an average FICO score of 725 from a peak of 737 at the end of 2009, according to research just released by JD Power & Associates. This played a big role in a very recent decline in the average retail transaction price of a new vehicle, which slid to $ 27,953 at the end of February in an all-time peak of $ 29,223 in the fourth quarter of last year.
Wide availability of credit has long been a critical lubricant of the U.S. auto sales as a result of the financial enormity involved in a new car purchase or lease. The drying up of many sources credit car purchases helped choke in a big recession in 2009. But since there is a gradual easing of credit conditions a boost to the nascent industry sales recovery.
In fact, according to new data Power today the worse your credit rating, the more chance you have a vehicle buyer.
New car buyers with the worst FICO scores, from 0 to 624, in the "D" level, grew by 23 percent compared with same period in 2011. "C"-tier buyers with FICO scores from 625 to 649, rose by a less impressive 19 percent, "B" tier buyers, with scores ranging from 650 to 679, rose 15 percent, "A" tier buyers, 680 to 719, 11 percent, and the most creditworthy customers, "A +"-tier buyers, 720 to 999 euros, with only 7 percent.
As a result of this slide in the direction of the least able to consumers, "C" and "D" buyers accounted for 15 percent of all retail in the first two months of this year.
These buyers are generally younger and with less money to spend than the average new car buyer, Power said. Combine that with the recent trend of the U.S. market from the pronounced movement toward more fuel-efficient vehicles, which are usually cheaper than larger, and retail transaction prices were bound to take a hit. Transaction prices are what buyers actually pay for a new vehicle, after their exchange, incentives and other factors to be taken into account.
TrueCar.com reported yesterday that U.S. consumers paid an average $ 30,091 in March for a vehicle, not just the record TrueCar the average transaction price observed in November, and that General Motors, Chrysler, Nissan and Hyundai posted record transaction prices that month.
But Power research paints a different picture - of the transaction prices have been receding in the first quarter of their end-of-2011 peak. If that trend continues, supplier and manufacturer profitability again be pressed.
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