If you want to know the road ahead, it’s usually best to ask someone who’s been there. Looking back, Credit Chronometer’s 2019 and early 2020 subprime auto surveys of industry insiders eerily foreshadowed the uncertainty facing the market today. In those pre-pandemic times, participants overwhelmingly agreed that the biggest risk to performance was an economic shock to vulnerable sub-prime borrowers. The concern was real, but it was hazy, distant. Then, the mother of all shocks happened in the economic crisis brought upon us by COVID-19. It prompted us to go back to the market mid-year and our resulting study found participants could finally give a name to the pain: historic levels of unemployment. Now, as we exit the first round of stimulus and consumer relief, still in the middle of the first wave of the pandemic, Credit Chronometer is returning to the market to find out what participants see ahead. The results will be revealed in a panel discussion with industry leaders at the NAF conference in November.
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