Driving A-loan: Automobile debt, neighborhood race, and the COVID-19 pandemic

IF 6.3 2区 工程技术 Q1 ECONOMICS Transport Policy Pub Date : 2024-07-08 DOI:10.1016/j.tranpol.2024.07.007
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Abstract

COVID-19 altered travel patterns in the U.S. Studies have analyzed the effect of the pandemic on travel mode, including working from home, but few have focused on automobile ownership—a relationship with potentially long-term consequences for accessibility, household budgets and debt, and policy efforts to meet climate goals.

To understand the association between the pandemic and automobile ownership, we rely on a unique credit panel dataset from Experian and examine three different automobile loan-related outcome measures: annualized growth rate of new automobile loan balances, average new loan size, and the number of new loans. We focus specifically on changes across loans in neighborhoods by race/ethnicity, hypothesizing larger increases in automobile debt in Black and Latino/a neighborhoods, where workers are less likely to be able to telework. The annualized growth rate of new automobile loans increased during the pandemic across all neighborhoods by race/ethnicity, increasing most rapidly in Latino/a neighborhoods. Controlling for other factors, loan size increased similarly across neighborhoods by race/ethnicity. The increase in automobile lending in Latino/a neighborhoods, therefore, likely was explained by a significant uptick in the number of new loans.

The growth in automobile lending during the pandemic was potentially prompted by pandemic-induced changes in the need for automobiles and facilitated by an expanded social safety net. As the pandemic and its various forms of public financial assistance recede, the findings underscore the importance of ongoing assistance in enabling automobile ownership or shared access among households with limited means whose livelihoods depend on the access that vehicles provide.

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驾驶 A-贷款:汽车债务、邻里种族和 COVID-19 流行病
研究分析了大流行病对出行方式(包括在家工作)的影响,但很少有研究关注汽车所有权--这种关系可能会对交通便利性、家庭预算和债务以及实现气候目标的政策努力产生长期影响。为了解大流行病与汽车所有权之间的关联,我们利用益百利公司(Experian)独特的信用面板数据集,研究了三种不同的汽车贷款相关结果指标:新增汽车贷款余额的年化增长率、平均新增贷款规模以及新增贷款数量。我们特别关注不同种族/族裔社区贷款的变化,假设黑人和拉丁裔社区的汽车债务增幅更大,因为这些社区的工人不太可能远程办公。在大流行病期间,按种族/族裔划分的所有社区新增汽车贷款的年增长率都有所上升,其中拉美裔社区的增长速度最快。在控制其他因素的情况下,不同种族/族裔社区的贷款规模增长相似。因此,拉美裔社区汽车贷款的增长很可能是由于新贷款数量的大幅上升。大流行病期间汽车贷款的增长可能是由于大流行病引起的汽车需求的变化以及社会安全网的扩大所促成的。随着大流行病及其各种形式的公共财政援助的消退,研究结果强调了持续援助的重要性,这些援助使经济能力有限的家庭能够拥有汽车或共同使用汽车,而这些家庭的生计依赖于汽车提供的交通便利。
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来源期刊
Transport Policy
Transport Policy Multiple-
CiteScore
12.10
自引率
10.30%
发文量
282
期刊介绍: Transport Policy is an international journal aimed at bridging the gap between theory and practice in transport. Its subject areas reflect the concerns of policymakers in government, industry, voluntary organisations and the public at large, providing independent, original and rigorous analysis to understand how policy decisions have been taken, monitor their effects, and suggest how they may be improved. The journal treats the transport sector comprehensively, and in the context of other sectors including energy, housing, industry and planning. All modes are covered: land, sea and air; road and rail; public and private; motorised and non-motorised; passenger and freight.
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