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Examining the potential impact of high vehicle costs on Americans with deep subprime credit scores

Vehicle prices have increased dramatically since 2019. In a recent blog post, other experts at the CFPB examined the potential impacts of these cost increases on consumers using information in consumer credit reports. This information is available through our Consumer Credit Panel (CCP), a deidentified sample of records from one of the three nationwide consumer reporting agencies. But as noted in that blog post, the CCP is missing information on many deep subprime auto loans, because lenders often don’t provide information on deep subprime auto loans to the nationwide consumer reporting agencies. Consumers with deep subprime credit scores are particularly likely to be financially vulnerable, and so we are especially concerned with how recent increases in vehicle prices may have affected them.CFPB REPORT