Put the power of Chase Auto to work for you

want to choose from quality vehicles, so you need a national industry leader who can deliver. That’s Chase. We offer: • A broad range of vehicles — from economy to luxury — upstream and through auctions nationwide • Convenient online and in-lane vehicle availability with on-site Chase remarketers Choose Chase owned vehicles at ADESA.com and Manheim.com

Your clear choice for quality

centage of loan terms 85+ months dropped from 1.23% to 1.07% while the percentage of 73- to 84-month loans dipped 1%. The percentage of 1-48 month loans rose to 11% while 49-60 month loans topped 18%, an increase of nearly 1%.

Despite the increase in the average new vehicle loan amount continuing to level out, many prime and super prime consumers returned to the used vehicle market in Q1 2023. Prime consumers made up 42.41% of used vehicle financing during the quarter, up from 40.97% the previous year, while the percentage of super prime consumers increased from 11.43% to 13.60% over the same period.

“The industry continues to keep a watchful eye on some of the inventory challenges and rising vehicle prices, as it’s impacted consumer purchasing behavior,” said Zabritski. “We’re seeing consumers bring more cash and trade-in value to the transaction in hopes of minimizing the amount of interest they’d have to pay on their loans.

“Additionally, with the combination of fewer new vehicles on dealership lots and high prices, in-market consumers are choosing used vehicles as another way to control vehicle costs.”

The report also showed more consumers are shifting back to financing used vehicles. More than 46% of Super Prime consumers financed used in Q1, along with nearly 64% of Prime consumers. The largest percentage of used financing customers fell into the Deep Subprime category at 96%.

Nearly 40% of used car loans were made through buy-here, pay-here dealers, just under 20% were obtained through credit unions, 14.38% were made through banks and 26% were obtained through finance companies.

Credit unions have continued to be the big player in financing vehicles.

The state with the largest percentage of used-car loans was Tennessee while the state with the lowest percentage of used loans was New York at just under 64%.

Outstanding loan balances grew 8.40% year-over-year, reaching $1.4 trillion.

The report also showed delinquencies hare risen past pre-COVID levels.

The percentage of loans 30-days delinquent in Q1 2023 hit nearly

Continued on page

Editorial: Jeffrey Bellant, Managing Editor Ed Fitzgerald, Staff Writer

Advertising: Shannon Colby, Account Manager Tony Moorby Columnist:

Circulation: subs@usedcarnews.com

Production: Tom Savage, Production Manager Cee Lippens, Web Master Used Car News published every third week.

Subscribers: We print advertisements as sent to us by auctions and other advertisers. It is not possible to verify the correctness of listed vehicles in auction ads. Most lists are partial and all lists are subject to last minute changes by auto auctions, so before travelling a long distance for a particular auto auction event, contact the auction by telephone for a fax of vehicles in the sale. Used Car News assumes no guarantees or liabilities concerning the accuracy of any advertisements. All Rights Reserved. Reproduction in any form is prohibited without the written consent of the publisher. OUR ADVERTISING APPROVAL POLICY Payments from first time advertisers must accompany the insertion order. Distribution is guaranteed by the USPS. The advertising reservation deadline is 12:00 noon Thursday, 11 days prior to the issue cover date. Ad materials are due by 5 pm Friday, 10 days prior to issue cover date. For advertising specifications please