Bad Auto Loans: What's the average age of the auto? - Andy Zavoina

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Bad Auto Loans: What's the average age of the auto?
by Andy Zavoina, BOL Guru

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Question: I am trying to find out some information on the average age of an automobile when the loan goes bad. Do you know where I can find some statistics on repossessions? I want to extend the age of an used auto that we will loan on. Currently, we only make a loan on autos up to 5 years old. I would like to loan on autos up to 8 years old.

Answer: I don't know where the stats on this would be, but would believe that what is most important is the value of the auto and having a desirable market to sell them in, in a short period of time. In my experience as a lender/collector, both new and old, expensive and cheap cars are repossessed.

First published on BankersOnline.com 9/2/03

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