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Last week, the Auto Finance News team highlighted an uptick of low-mileage lease options as consumers change their driving habits, which could have lasting implications for both consumers and lessors. Used-vehicle values continued to show seasonal strength, and four issuers injected $4 billion in the auto ABS market after nearly a month of no activity.
Last week, used-car values in the Manheim Used Vehicle Value Index increased once again after a month of decline back toward normal seasonality. Used-vehicle values have squeezed some consumers on the lower end of the credit spectrum out of the market in the third quarter, according to Credit Acceptance Corp.’s Chief Executive Douglas Busk. CAC logged an 8.8% year-over-year decrease in originations last quarter. Meanwhile, competitive pricing is helping credit unions gain market share in the used-vehicle market.