Auto dealers and prospective car buyers have been wailing about tight credit. Now, new numbers explain their pain.
Californians receiving approval for new-vehicle loans in three credit categories prime, near-prime and subprime dropped sharply in the Jan. 1 to Sept. 20 period compared with last year, according to Bandon, Ore.-based CNW Research, one of the nation's top auto industry tracking firms.
"Even a prime customer is having a significantly harder time getting a loan approval," said Art Spinella, president of CNW.
CNW said 76.3 percent of prime auto loan applications in California were approved in the January-September stretch, down from 89.4 percent in the same time period in 2007. Borrowers in the prime category have the highest credit ratings.
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