外文翻譯---正在改變汽車金融的三大趨勢-汽車設計(已修改)
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【正文】 外文題目： THREE TRENDS ARE RESHAPING AUTO FINANCE 出 處： ABA BANKING JOURNAL FEB97 作 者： anonymous 原 文： THREE TRENDS ARE RESHAPING AUTO FINANCE In automotive finance, two important trends appear wellestablished and poised for further advances in 1997: More nonprime or subprime lending. More leasing. A third movement, which may or may not amount to a major trend, is the advent of usedcar superstores geared to highvolume selling. SUBPRIMENEARLY MAINSTREAM A wellknown economist who tracks automobile sales predicted at yearend that some million households will have declared bankruptcy in 1996. That39。s not all bad, he said. It means million more subprime borrowers. Perhaps he was being facetious, or perhaps not. The fact is, nonprime or subprime auto lending is no longer looked upon as an expedient to be resorted to only in extreme cases. Depending on the definition, estimates of this marketplace range between $70 billion and $90 billion, and clearly it is ing closer to the mainstream as an alternative borrowing technique for a sizable proportion of the population. The reasons are bluntly demographic: divorce, high medical expenses, and corporate downsizing leading to job losses are among the principal factors that have hurt the credit standing of hundreds of thousands of potential borrowers. Some are forced into bankruptcy, while others manage to avoid it but see their household budgets severely strained. Figures on consumer loan delinquencies are running high. Large numbers of wouldbe borrowers may be badly stretched, but they still need personal transportation, and will go to considerable lengths to obtai n financing. That makes them logical candidates for subprime lending. By definition, these are higherrisk borrowers, but it does not automatically follow that they are all poor credit risks. Many are anxious for a chance to get on a solid footing and reestablish themselves as good credit risks. Lenders increasingly recognize this. As one specialist put it, We lend to those who need a second chance, not a last chance. For lenders, the screening process is crucial. Banks and finance panies have long experience with credit card and other consumer lending, and in recent years, the tendency has been to use puterized credit scoring to segment different categories of credit risk, then assign different rates and conditions to different market segments. Credit scoring has the advantages of being fast, consistent, objective, and based on reallife experience with different categories of borrowers. Similarly, auto insurers do not automatically ban drivers with records of speeding violations。 they segment them in separate risk categories and charge accordingly. So today with auto finance. Often the borrowers will win preapproved credit to buy the vehicle of their choice, up to a set limit. In the case of subprime risks, they will be assigned higher interest rates and/or fees, and the lender may require a fairly large down payment as a percentage of the total value of the vehicle. Once the borrower
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