Auto lenders tighten credit access for first time in 12 months as rates rise

Auto lenders tightened credit access in May amid rising interest rates after a year of loosened standards.  The Dealertrack Credit Availability Index dipped to 105.4, a 0.8% month-over-month decline. Still, access was looser by 7.9% year over year and by 6.3% compared with February 2020, just before the onset of the COVID-19 pandemic. In May, […]