(July 5, 2011) ATLANTA (PRNewswire) — In the latest national, monthly report on automotive consumer credit trends, Equifax reports that the auto lending sector continues to demonstrate growth, with the total number of auto loan originations for the first quarter 2011 having increased by 20 percent over first quarter 2010 levels. 

Equifax's May 2011 National Credit Trend Report indicates that March 2011 auto loan originations represented $1.8 million, the largest monthly total since summer 2008 — even eclipsing monthly totals of $1.6 million driven by the "Cash for Clunkers" program in summer 2009.

$87 billion in new auto loans were made during the first quarter (a 21 percent increase over Q1 2010) and monthly total loan amounts for March 2011 were $33.6 billion, up from $30 billion for March 2010. These loans continue to approach pre-recession lending levels of $37.4 billion in March 2007.

Additional key findings (year over year) include:

    • March 2011 average auto loan amounts (among all borrowers) remain relatively unchanged year-over-year (YOY) from March 2010: bank, credit union, savings and loan-originated: $18,463 (2010) vs. $18,661 (2011); auto finance company-originated: $19,236 (2010) vs. $19,013 (2011)

     • March 2011 new auto loan payments (among all borrowers) are slightly lower than March 2010 averages: bank, credit union, savings and loan-originated: $377 (2010) vs. $366 (2011); auto finance company-originated: $404 (2010) vs. $397 (2011)

      • Average loan amount for prime borrowers is now approximately equal to — or slightly higher than pre-recession levels.

       • Auto delinquencies and write-offs are approaching pre-recession levels as both have continued to improve in 2011.

"While some sectors of the economy — most notably housing — continue to struggle, the auto lending sector has displayed positive gains based on loosening of credit to both prime and subprime borrowers paired with improvements in consumer payment behavior, which is reflected in the declining number of auto loan delinquencies," said Michael Koukounas, Senior Vice President of Special Client Services for Equifax.

Equifax's national analysis is sourced from data on more than 585 million consumers and 81 million businesses worldwide. Conducted on a monthly basis, the research provides detailed levels of consumer credit information from various vertical markets including, mortgage, automotive, student loans and bank and retail credit cards.