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Collateral Value and Strategic Default: Evidence from Auto Loans
Journal of Financial Services Research ( IF 1.491 ) Pub Date : 2021-04-12 , DOI: 10.1007/s10693-021-00350-3
Dimuthu Ratnadiwakara

I study the impact of changes to collateral value on borrowers’ default decisions on auto loans using two natural experiments in Sri Lanka. Changes in vehicle import tax rates and loan-to-value ratio caps on auto loans generated plausibly exogenous variation in the resale value of vehicles already pledged as collateral. Using proprietary auto loan performance data, I estimate that a 10% drop in the collateral value corresponds to a 44% increase in the default rate. I also find that collateral value is more important for borrowers with higher outstanding loan balances.



中文翻译:

抵押品价值和战略违约:来自汽车贷款的证据

我使用斯里兰卡的两个自然实验研究了抵押品价值变化对借款人的汽车贷款违约决定的影响。车辆进口税率的变化和汽车贷款的贷款对价值比率上限产生了已经抵押的车辆转售价值的外在变化。使用专有的汽车贷款绩效数据,我估计抵押品价值下降10%对应于违约率增加44%。我还发现抵押价值对于未偿还贷款余额较高的借款人而言更为重要。

更新日期:2021-04-12
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