Black Americans will spend $800 billion more on consumer products in 2030 than they did almost decade before, according to McKinsey.
for car loans compared with white borrowers with similar credit scores and incomes. Black buyers who do get a loan pay interest rates 70 basis points higher than comparable white borrowers—even though their default rates were lower.
Companies in the automobile value chain—manufacturers, dealerships, and automotive aftermarket companies - can make efforts to ensure fairness to build trust. Manufacturers can create pricing guidelines for dealers; there are examples of companiesfor more than the suggested retail price. Dealers can analyze lending data to ensure that customers, regardless of race, are charged the same.
Lenders can assess their underwriting processes for any factors that disproportionately hurt Black borrowers. Using innovative approaches, such as cash-flow modeling, can paint a more accurate and nuanced picture of borrowers’ financial habits and creditworthiness. And lenders could work together to explore new financing models to improve access and sales channels.
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