Vehicles bought on credit expected to rise by 15-20% in 2011

- Wednesday, May 18, 2011

Vehicles bought on credit expected to rise by 15-20% in 2011

Mexican auto retailer association AMDA is predicting that vehicle financing will rise by between 15% and 20% this year.

Guillermo Rosales, AMDA director of government relations, said vehicles bought on credit rose to more than 37,000 units in the first quarter, up 10% from the year-ago quarter, according to a report in local newspaper El Economista.

The percentage of vehicles bought on credit rose to 53.2% in the first quarter, up from 49.3% in 1Q10, the report said.

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Those figures are still down significantly from pre-crisis levels. In 2008, 65.2% of vehicles were bought with credit.