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Report: Mexican January-May car loans fall to lowest level in 5 years

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Report: Mexican January-May car loans fall to lowest level in 5 years

Autofinancing in Mexico fell 12% year over year in the first five months of 2016 to17,439 vehicles, representing its lowest level in five years, El Financiero reported July 24, citing statisticsfrom JATO Dynamics.

The mainreason for the decline is that other credit products are more affordable than traditionalauto financing, said Juan Antonio Hernández, chairman of Grupo Autofin, during arecent presentation.

However,he said this trend is expected to change given that auto financing remains a goodoption for Mexicans who do not have a bank account or cannot obtain a loan.