The recession still remains fresh in everyone’s minds. That because to so many people out there, the recession hasn’t really left. Many are still struggling to find employment in the current job market, and many more are still trying to dig themselves out of a financial hole. News of late has been optimistic, and the auto industry is in correlation with it. The economy has been improving, and one of the chief economic stories is the revival of the auto industry. For a company like Chrysler, it’s not all that surprising, however, seeing as how sub-prime loans have helped boost their car sales.
Autonews.com is reporting that in the first quarter of 2012, 29 of every 100 auto loans for a Chrysler vehicle were to consumers with credit scores below 680. According to Experian, a score under that 680 counts as sub-prime. In order to see how this is a up-shift for Chrysler, just a few years prior, during the height of the recession, these loans only accounted for 16 percent.
Chrysler has said that it’s because lenders are reaching out more to the sub-prime market that they are seeing such a sales gain. The company has always traditionally relied on customers with poor credit and now more and more of these same customers are being qualified for loans. The majority of these customers saw a huge impact from the recession and as they recover, so does Chrysler.
If you’re one of the consumers who is dealing with poor credit, give Bayside Chrysler Jeep Dodge a try. Go here to take a look at the Bayside inventory online. Make sure to like us on Facebook and follow us on Twitter!
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