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Auto origination loans reach highest point since 2007Posted On Thu, November 29, 2012
According to a recent report released by Equifax, auto origination loans between January and August were at their highest level since 2007.
Equifax's National Consumer Credit Trends Report showed that there were approximately 14.6 million auto originations in the first half of the year - the most during that time frame since before the housing market crash.
Outstanding auto loan balances also jumped by about 11 percent over their lowest point in April 2011, according to the report. Additionally, new auto loans through August 2012 totaled approximately $283 billion, the highest since they hit 297.5 billion in 2006.
The auto insurance industry has also been spurred on by the increase in auto loans and sales. As consumers continue to become more confident in the recovering economy, insurance providers may be able to raise insurance rates due to increased demand.
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