This paper studies how receiving a bonus changes the consumers’ demand for auto loans and the risk of future delinquency. Unlike traditional consumer products, auto loans have a long-term impact on consumers’ financial state because of the monthly payment obligation. Using a large consumer panel data set of credit and employment information, the authors find that receiving a bonus increases auto loan demand by 21 percent. These loans, however, are associated with higher risk, as the delinquency rate increases by 18.5−31.4 percent depending on different measures. In contrast, an increase in consumers’ base salary will increase the demand for auto loans but not the delinquency. By comparing consumers with bonuses with those without bonuses, the authors find that bonus payments lead to both demand expansion and demand shifting on auto loans. The empirical findings help shed light on how consumers make financial decisions and have important implications for financial institutions on when demand for auto loans and the associated risk arise.

本文研究了获得奖金如何改变消费者对汽车贷款的需求以及未来违约的风险。与传统的消费产品不同，汽车贷款由于每月还款义务，会对消费者的财务状况产生长期影响。使用大量消费者小组的信贷和就业信息数据集，作者发现，获得奖金会使汽车贷款需求增加21％。这些贷款，然而，与高风险相关联，如18.5拖欠率上升-31.4％取决于不同的措施。相反，增加消费者的基本工资将增加对汽车贷款的需求，但不会增加违约率。通过将有红利的消费者与没有红利的消费者进行比较，作者发现，红利支付会导致需求扩大和汽车贷款需求转移。实证结果有助于阐明消费者如何做出财务决策，并对何时出现汽车贷款需求和相关风险对金融机构产生重要影响。