Auto Credit Access has Fallen to its Lowest Level since August 2020

As used vehicle prices continue to fall and net charge-offs increase, access to credit has declined.  According to a recent report by Cox Automotive, the Dealertrack Credit Availability Index fell to 93.0 in January down 3% year over year.  While credit access declined across all lenders, banks and credit unions saw the largest decrease, falling by 5.7% and 7.4% respectively.