Equifax Report: Auto Loan Originations Up 20 Percent in Q1 2011
First quarter originations shot up 21 percent from the same period last year, with March originations eclipsing what was recorded during the Cash for Clunkers summer of 2009.
First quarter originations shot up 21 percent from the same period last year, with March originations eclipsing what was recorded during the Cash for Clunkers summer of 2009.
Weighed down by a significant decline in private-party sales, used-vehicle sales are expected to drop 3.7 percent in September, according to CNW Research.
Edmunds.com estimated that the average new-car incentive in the United States was $2,681 per vehicle sold in August 2010, down $84, or 3 percent, from July 2010, and up $225, or 9.2 percent, from August 2009.
This month's new-vehicle sales (including fleet sales) are expected to be 1,028,200 units, a 17.7 percent decrease from August 2009 and a 1.4 percent decrease from July 2010, according to Edmunds.com.
Recent actions by a government agency, which were reported by USA Today over the weekend, could mean the $3 billion Cash for Clunker’s program is entering the enforcement phase.
The magazine goes one-on-one with Brent Griggs, president of Protective’s Asset Protection Division, to discuss a host of topics ― from the F&I product sales and the credit market, to the company’s recent purchase of Prizm. Find out why the company is feeling positive about the coming year.
About 8 million fewer used cars and trucks entered the U.S. market over the past two years, resulting in higher used-vehicle prices every month in 2009, according to the latest AuctionNet data of wholesale transaction prices.
Economic conditions are improving, although modestly, the Federal Reserve said in its Beige Book report on the economy. The report, a collection of comments received from businesses and other sources in 12 federal regions, also showed improvement in auto sales.
Experts believe the volatility the used-vehicle market experienced this year may not be temporary, and say dealers will need a culture change if they hope to succeed in this new environment.
Consumer credit patterns returned to their status quo in September, with interest rates, loan terms and loan-to-value ratios reverting to their pre-Cash for Clunkers (C4C) levels, according to the Federal Reserve’s monthly report.
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