The National Automotive Finance Association (NAF Association) has published its Non-Prime Automotive Financing Study 2003. The survey, conducted by outside consultant, Momentic Research, analyzes 2002 year-end data to measure growth and changes in credit terms and practices in the non-prime auto lending industry.
The survey reports on booking rates, gives insight into the loan process, contract terms, dealer relations and credit quality. Data from this and previous surveys are compared. Five questions are new with this survey, including three on vehicle remarketing.
According to Marcie Belles, who managed the survey for Momentic Research, nonprime lenders continue to refine their Web-based lending tactics. Responding lenders are increasingly using the Internet for loan pre-qualifications and approvals, while curtailing their use of the Web for functions such as advertising and loan servicing.
The 2003 survey is available for purchase. Contact firstname.lastname@example.org or call (800) 463-8955 for information.