ChoiceCash, a title loan brand offering subprime customers responsible access to credit by using their paid-off cars, trucks or SUVs as collateral, has released data on the changing composition of title loan originations by fuel type and manufacturer.
Based on loan origination data from its launch in 2019 through Q1 2024, ChoiceCash is observing a growing share of title loans being secured by electric vehicles (EV). It’s growing from a very small base of 0.04% in 2019 to 0.37% in Q1 2024. At 97.89%, vehicles powered only by internal combustion engines (ICE) still account for the vast majority of title loans, down from 99.38% in 2019.
Tesla cars accounted for 71% of ChoiceCash loans secured by an EV during that time, reflecting the company’s high EV market share in the United States.
Analysis of all ChoiceCash loans secured by vehicles that are not purely ICE-powered revealed Toyota as the largest manufacturer, reflecting Toyota’s long history of mass-producing hybrids for the United States market. The Toyota Prius by itself accounted for almost one third of loans secured by EVs, hybrids and plug-in hybrids.
