Auto Lenders Confront Growing Ranks of Financially Vulnerable Customers, J.D. Power Finds [Yahoo! Finance]
Toyota Motor Corporation (TM)
US:NYSE Investor Relations:
toyota-global.com/investors
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Source: Yahoo! Finance
TROY, Mich., November 14, 2024 BUSINESS WIRE )--With average new-vehicle loan interest rates still hovering near 20-year highs and the average new-vehicle retail transaction price now at $44,467, many auto loan customers are coming away from the lending process with a dose of sticker shock. According to the J.D. Power 2024 U.S. Consumer Financing Satisfaction Study, SM released today, the challenges of the current marketplace are being compounded by a deterioration in consumer financial health. Specifically, the study finds that among mass market auto loan customers, the number of those characterized as financially vulnerable has increased 11 percentage points since 2021 while the number of financially healthy customers has decreased 13 percentage points. Within the group of financially vulnerable customers, just a single percent of them say they can cover six months of living expenses. "Auto lenders really need to tailor their offerings for the realities of the current market an
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Sec Filings
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- 11/6/24 - Form 6-K
- 11/5/24 - Form 6-K
- TM's page on the SEC website