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DeepNewz, mobile.
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US banks are experiencing weaker loan demand as reported in a Fed survey. Banks are tightening credit standards for credit card loans, auto loans, and other consumer loans. Wholesale used vehicle prices have dropped significantly, with a 14% year-on-year decline, impacting lending companies and retail car sales.
Index down -14%YoY. Lower Wholesale Prices = Larger Loss on Repo -> Bad for Lending Compagnies $CACC (they sell repo cars at auctions) Lower Wholesale Prices = Lower prices at Retail level = Higher depreciation for cars On Hand => Lower Profits! $CVNA $KMX https://t.co/VhCt0I8WfQ
Wholesale used car prices just dropped 2.3% in a month and are now down 14% YOY https://t.co/6fyKSUJqWg
Wholesale used vehicle price (mix, mileage & seasonally adjusted) based on @Manheim_US Index was down 2.3% in April leaving the index down 14.0% y/y https://t.co/Tt0RVbz0FJ……… NSA ave price declined 0.6% leaving unadjusted ave price down 11.9% y/y https://t.co/Sm9i2CYIVG
