Currently, credit scores for purchasing automobiles are still down, but are up a little since last month. Automobile customer credit scores averaged 641.8, compared to last year when the average was as high as 645.2. It has also been shown that retired military personnel have a higher credit score when purchasing automobiles, with an average of 703.8 in May.
Recent studies have also shown that Americans are currently more willing to open bank accounts and spend more money per month. Potential automobile purchasers are more open to purchasing vehicles this month. Closing ratios on automobile sales have been shown to be increasing as of last month. The ratios are estimated on the past 10 days of consumer behavior and how consumers feel about purchasing an automobile at the time. Floor visits at dealerships are also increasing. Overall, Americans are more likely to purchase an automobile today than last month or last year.
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