In what may be considered a continuing sign of economic stability and growth, Equifax reported that loan originations increased by 21% during the first quarter of 2011 when compared to the same quarter in 2010.
What did that mean in dollars? $87 billion in new auto loans were made during Q1 2011. March alone say $33.6 billion in new auto loans, up from $30 billion for March 2010. The 2011 numbers are very close to the totals just before the recent recession began.
The news from the new and used car loan segment of the economy is extremely rosy. When you look at the housing market, it is easy to become depressed. Some economists believe that this is a scary juxtaposition. It could mean that we are in for a double dip recession with the second wave being much worse than the first.