2024 Vehicle Accessibility Report for Near- and Non-Prime Consumers

This report serves as the 2024 Vehicle Accessibility Report focusing on the challenges faced by near- and non-prime consumers in obtaining automotive financing. It analyzes the current economic climate, noting that high interest rates and inflation have created significant barriers to vehicle ownership for these consumers, who are often deemed too risky by lenders. The report highlights that a majority of near- and non-prime borrowers intend to pay off their automotive loans early, contradicting the common perception of their creditworthiness. It presents statistics indicating that many in this segment doubt their ability to secure acceptable loans, despite a strong desire to purchase vehicles. The report also discusses the implications of increasing vehicle prices and interest rates, which have pushed consumers towards alternative financing options, such as leasing or outright purchases of used vehicles. It emphasizes the need for lenders to reassess their strategies in order to better serve this underserved market segment.