SCOTTSDALE, Ariz. — Auto loan approval rates among millennials in the subprime market have been growing steadily, Michael Collins, senior vice president of lending and F&I solutions at Dealertrack, said during Subprime Forum Tuesday.
“More millennials are applying for car loans, and more and more of them get approved,” he said. The number of unique subprime auto loan applications submitted by millennials, reached about 175,000 in July, compared to only about 75,000 in July 2011, and about two thirds of them get approved, according to Dealertrack data.
What are some possible reasons behind increasing approval rates? Collins explains in the video.