Fed Meeting, OPEX on Friday, What could go Wrong

Harder to get a car loan

This week is jam packed with possible market moving events.

• Tuesday: May CPI Inflation Data

• Wednesday: PPI Inflation Data

• Wednesday: Fed Meeting, will they raise Fed Funds Rates?

• Thursday: Retail Sales Data

• Thursday: Initial Jobless Claims

Lenders of Auto Loans are Tightening UP

Sources: on Twitter @CarDealershipGuy

Over the past 60 or so days the auto lending world has been contracting.

• Citizens Financial Group exited indirect auto lending

• PenFed Credit Union started reducing dealers from indirect auto lending

• Wells Fargo laid off all of its Junior Auto loan underwriters and capped future loans

• US Auto Sales shut down 39 dealerships

• Capital One shut off all dealer floorplans (aka inventory lines of credit)

Credit is tightening. Lenders are reducing risk in the auto space but also in all of lending.

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