It has been said that you can tell a lot about someone by what kind of car they drive. While there are a lot of exceptions to that, it is true that you can often get an idea of someone’s priorities or sometimes personality characteristics. The credit rating agency Experian conducted a study to find out which drivers have the best and worst credit scores based on what kind of car that they drive.
Interestingly enough, Volvo places at the top on this list. It was followed by Lexus, Acura, Audi, Infiniti, Jaguar, Porsche, Land Rover, Mercedes-Benz and Lincoln. No word on where BMW placed on the list. Honors for owners with the lowest credit rating score went to Mitsubishi. That ranking isn’t surprising – Mitsubishi has had well-documented problems due to buyers with low credit scores.
Other manufacturers to make the low-scoring list were Suzuki, Dodge, Kia, Scion, Nissan, Chevrolet, Chrysler, RAM and Fiat. Overall, Experian says the US automotive market is in good shape. The average amount financed by buyers in the third quarter of 2012 was $25,963 – that figure is up from $25,873 a quarter before. As for used cars, the company says that the average financed amount was $17,577.
An interesting tidbit is that credit unions and finance companies showed strong growth in 2012. Credit unions now have 18.22% of the overall market, with finance companies coming in at 13.29%. Banks hold 40.98% of the financing market. As you can tell by Volvo’s number one position, a high-ranking score doesn’t necessarily mean that you are more successful or highly valued versus the competition. Lexus is the brand with the highest score relative to its sales position. What’s more is that the credit scores for the top brands are separated by just a few points – and they are all high. Still, it is a benefit though when it comes to leasing rates and resale value. We’re sure the list Volvo cares most about though is the sales chart.