Short Notes on Customer Demographics: Home Equity and Auto Borrowers

Home Equity Borrowers

The latest survey of home equity borrowers by the Consumer Bankers Association shows a continued decline in job tenure. The 1999 average employment tenure was 6.8 years, down 1.7 years from the 1994 average of 8.5 years. Average household income of borrowers was $64,722 in 1999, up slightly from $64,123 in 1994. In the most recent survey, two-fifths of the proceeds of new home equity lines of credit and home equity loans were used to refinance debts. The second most important purpose in both years was for home improvement.

Auto Financing

CNW Marketing Research recently surveyed 46,500 new-car buyers and found that 9.6 percent had placed orders online or had purchased cars on the Internet. The average age of Internet shoppers was 35.8 years vs. 41.6 years for car buyers in general. And, their average income was $63,200 vs. $56,400 for all car shoppers.