AFSA: Most Auto Finance Companies Have Not Changed Lending Criteria
WASHINGTON, D.C. — Chris Stinebert, president and chief executive officer for the American Financial Services Association, recently spoke out, responding to the current debate about whether it has become harder for dealers to finance customers.
"AFSA wishes to dispel the rumor that credit is not available in vehicle financing. This myth has been running rampant, to the detriment of the market. While it is true that vehicle sales were down in September, the amount of customers entering dealerships dropped considerably as well," he indicated late last week.
"Most vehicle finance companies have not changed their criteria for granting credit. Customers are simply more reticent to buy because they — and many large institutions — lack confidence in the market right now," he continued.
For more information on the association, visit www.afsaonline.org.