In 2016, we all held our breath to see how the presidential race would turn out, with everyone saying that those results would affect the economy. In the aftermath of President Trump’s win, we watched the “North Star” of the health of an economy – the stock markets – and they rose, hopefully signifying good times ahead.
Nevertheless, the heated political atmosphere continued past 2016 and into 2017. Now, you can’t listen to the radio, turn on the T.V., read a newspaper, or open a social media app without seeing articles about the current administration and whether or not it is successful. No matter if you are a Republican or Democrat, Trump or Clinton supporter, if you’re a lender seeing these stories proliferate, it probably gives you pause on whether the economy can weather this storm.
According to the National Automobile Dealers Association (NADA), U.S. new vehicle sales are expected to stay above 17 million in 2017, roughly on par with last year’s levels. On all accounts, it currently looks like we’re still on track to meet those expectations. As a lender, you probably expect to receive roughly the same loan volume as you did last year. However, economic factors like the heated political atmosphere could have lasting repercussions on your loan volume. Continue reading