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Executive Summary
It’s getting much harder for many people to afford a car or truck. Some of the financial squeeze may be attributed to shorter-term issues, such as higher post pandemic interest rates and inflation wreaking havoc on household budgets. Other factors, such as high prices for gas-powered cars and even pricier EVs, seem to be permanently undercutting affordability and contributing to a
structural change.
Since 5 out of 6 new vehicles require financing for purchase, this new dynamic demands auto lenders take a more strategic approach to consumer billing and payments. The key is leveraging technology-driven solutions to make the most of these touchpoints to build loyalty and keep monthly payments arriving on time.
