Nonprime Lenders Tighten Car Loan Credit Standards

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Con­sumers with poor cred­it rat­ings had been acquir­ing longer loans for new and used vehi­cles, lead­ing to many owing mon­ey when they want­ed to trade in. Non­prime lenders have tight­ened cred­it require­ments in the face of loss­es in the poor US econ­o­my as these cus­tomers are the first to be laid off.

Background
Nation­al Auto­mo­tive Finance Asso­ci­a­tion rep­re­sents lenders serv­ing cus­tomers w/ tar­nished cred­it