According to SubPrime Auto Finance News, almost 70% of pre-owned vehicle sales included financing.
The finance office stayed busy in July working up contracts for used vehicles as CNW Research determined 68.9 percent of all used sales last month included financing, a rise of 11.4 percent year-over-year.
Of the 4.58 million used sales in July, the number of subprime buyers jumped 12.8 percent on a year-over-year basis and 2.9 percent compared to June, according to CNW.
The deepest of subprime buyers — customers with FICO scores below 550 — also increased by double digits year-over-year. CNW indicated the amount of used-vehicle buyers in this category jumped 25.4 percent to 618,260 purchasers.