Credit access improved and vehicle prices were steady in March before tariffs took effect, while the first wave of first-quarter earnings point to growth for auto lenders.
Auto loan approval rates and subprime share increased in March, contributing to improved credit access.
Increased demand ahead of the tariff-induced price hikes led to a surge in vehicle sales in March, while Q1 bank earnings so far reflect strength in originations.
CarMax Auto FinanceChase Auto and Wells Fargo Auto all saw year-over-year originations growth, with originations up 6%, 20.2% and 12.2%, respectively. However, ongoing economic uncertainty could affect lenders’ strategies. For example, CarMax announced it will shift its long-term growth timelines due to macroeconomic concerns.
Meanwhile, a proposed Senate bill could make auto loan interest tax deductible for U.S.-made cars, but some legal experts say the bill’s language does not clearly define a U.S.-made vehicle.
In this episode of “Weekly Wrap,” Auto Finance News Editor Amanda Harris and Associate Editor Aidan Bush discuss pre-tariff vehicle prices, credit access and earnings trends for the week ended April 11.
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