. Author manuscript; available in PMC: 2020 Aug 1.

Published in final edited form as: J Money Credit Bank. 2019 Jan 17;51(5):1403–1426. doi: 10.1111/jmcb.12595

Table 4:

Probability of Auto Loan Origination by Credit Score Group and Timing of Home Equity Extraction

Credit score group (risk score range)	Timing of home equity extraction		Memo: Percent change in auto loan originations from extraction before or during vs. after the reference quarter
	After the reference quarter	Before or during the reference quarter
	(1)	(2)	(3)
Subprime (580–619)	.050	.071	41%
Near prime (620–659)	.054	.069	27%
Prime (660–699)	.057	.073	28%
Super prime (700–759)	.057	.070	23%
Ultra prime (760–850)	.058	.058	1%

Notes: Authors’ calculations from equation (5) estimated with FRBNY CCP data. The first column in the table shows estimates of α _c + β_1c for credit score groups 2 through 6. The second column shows estimates of α _c + β_1c + (β-_1c − β_1c)+ (β_0c − β_1c) for credit score groups 2 through 6. The estimates in the first and second columns also include the intercept generated by STATA’s areg procedure. The third column is the percent change of the second column from the first column. The credit score is the Equifax 3.0 risk score.