Auto Credit Express Blog
February 25, 2008
The subprime market in 2008
A recent article in Automotive News was titled “Lenders shun subprime market.†Here at Auto Credit Express, we know that the subprime market changes with the fluctuations in the marketplace, but the changes seem to be happening much more quickly in 2008…
What will it mean to your special finance department?
The article goes on to describe the changes being made at a number of different banks: Chase, Wells Fargo, AmeriCredit, Sovereign Bank, Wachovia and Mechanics Bank. Rather than get into specifics at this time, suffice it to say that most of these banks were either reducing their subprime portfolios or pulling out of the market altogether (only Mechanics Bank).
Stay Tuned
In order to get a better picture, in the next couple of weeks we are going to take a closer look at many of the banks, both big and small. We’ll see how they performed last year and try and find out how they see 2008 shaping up.
