EV loan demand slumps

Auto loan demand was down 23.7% year- on-year in June as EV new car sales continue to slump.

That’s according to the Centrix July Credit Indicator which shows overall arrear volumes eased over June with the number of people behind on their payments falling to 465,000, down 9000 month-on-month.

While this remains up 9% year-on-year, consumer arrears are not “materially deteriorating”, with only marginal increases and decreases noted from month-to-month, says Centrix managing director Keith McLaughlin.

Vehicle loan arrears sat at 5.6% in June, up 0.2% year-on-year.

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