正在改变汽车金融的三大趋势[文献翻译]精选.doc

外文题目：THREE TRENDS ARE RESHAPING AUTO FINANCE 出 处：ABA BANKING JOURNAL FEB97 作 者：anonymous 原 文： THREE TRENDS ARE RESHAPING AUTO FINANCE In automotive finance, two important trends appear well-established and poised for further advances in 1997: More non-prime or sub-prime lending. More leasing. A third movement, which may or may not amount to a major trend, is the advent of used-car superstores geared to high-volume selling. SUB-PRIME--NEARLY MAINSTREAM A well-known economist who tracks automobile sales predicted at year-end that some 1.1 million households will have declared bankruptcy in 1996. Thats not all bad, he said. It means 1.1 million more subprime borrowers. Perhaps he was being facetious, or perhaps not. The fact is, non-prime or sub-prime 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 coming 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 would-be borrowers may be badly stretched, but they still need personal transportation, and will go to considerable lengths to obtain financing. That makes them logical candidates for sub-prime lending. By definition, these are higher-risk borrowers, but it does not automatically follow that they are all poor credit risks. Many are anxious fo