Reported 17 days ago
Ally Financial is closely observing borrowers who purchased expensive vehicles in 2022 amid high used-car prices and rising inflation. CFO Russ Hutchinson noted that while these borrowers have jobs, many are struggling with high monthly payments and associated ownership costs. Despite tightening credit access to mitigate losses and seeing improvements among 2023 and 2024 borrowers, the lingering economic impact continues to challenge even higher-income consumers in affording new and used cars.
Source: YAHOO