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June 5, 2017 - Industry News

Edmunds: Down Payments Reach Record Levels in May

Car buyers are putting down $504 more on a new-vehicle purchase than they did five years ago. But with buyers purchasing pricier cars and interest rates on the rise, something has to give, Edmunds.com analysis said.

Tags: auto finance, down payment, Edmunds, interest rates

March 16, 2017 - Industry News

Fed Raises Interest Rates a Quarter Point

The Federal Open Market Committee (FOMC) voted 9-1 on March 15 to raise the target range for the federal funds rate by a quarter percentage point to 0.75% to 1% — a move that was widely expected.

Tags: Federal Reserve, interest rates, Monthly Payments

January 31, 2017 - Industry News

EFG Companies: F&I Industry Faces Murky 2017

John Pappanastos, president and CEO of EFG Companies

The expected regulatory rollback, plateauing sales, rising interest rates, and the push to change the in-dealership experience clouds the F&I industry’s future, EFG Companies said today. Four of the firm's executives offered their predictions for 2017.

Tags: Consumer Financial Protection Bureau, digital retailing, Donald Trump, EFG Companies, interest rates, new-vehicle sales, Regulations, used-vehicle sales

December 15, 2016 - Industry News

Subprime Car Buyers to Feel Fed's Rate Hike, Analyst Says

For the second time in 10 years, the Federal Reserve's Federal Open Market Committee unanimously voted to raise the federal interest rate on Dec. 14. The impact of the rate hike should be minimal for all but one consumer segment, a Black Book analyst says.

Tags: Federal Interest Rate, Government, interest rates

September 22, 2016 - Industry News

Fed Leaves Rates Unchanged

While the industry welcomed the Fed’s 7-3 decision not to raise interest rates a quarter point, market watchers say even a full percentage-point increase wouldn’t impact the current pace of auto sales. The Fed is still expected to raise rates a quarter point by the end of the year.

Tags: auto finance, F&I manager, Federal Reserve, interest rates

March 23, 2016 - Industry News

ACA, Westlake Agree to Pay $7.4 Million in Relief to Mass. Consumers

American Credit Acceptance and Westlake Financial Services have agreed to pay $7.4 million to Massachusetts consumers to settle the state regulator's charges that they charged excessive interest rates on subprime loans.

Tags: American Credit Acceptance, GAP, interest rates, Relief, Subprime Loans, Westlake Services

March 1, 2016 - Industry News

Americans Concerned About Interest Rate Hikes, Mark Volatility, Survey Shows

Thanks to a rocky start in global financial markets and uncertainty regarding future interest rate hikes, Americans believe there is a 36% chance the U.S. economy will slip into a recession this year, a new survey shows.

Tags: car buying, Consumer Confidence Index, interest rates

December 16, 2015 - Industry News

Industry Analysts Discuss Rate Hike's Impact on Vehicle Sales

Photo courtesy of Federal Reserve Flickr. 

The Federal Reserve voted unanimously today to increase its target funds rate by a modest quarter point. One market research firm believes that could cut into sales by 150,000 units.

Tags: Cox Automotive, Federal Reserve, interest rates, JD Power, Kelley Blue Book, new-vehicle sales, Vehicle Sales

November 10, 2015 - Industry News

CFPB Again Rejects NADA's FOIA Request

For the second time, the bureau rejected the association’s request for internal documents acknowledging the agency’s intent to regulate the auto finance market through enforcement action, and eschewed evidence that its methods for estimating disparate impact were deeply flawed.

Tags: CFPB, dealer markups, dealer participation plans, interest rates, NADA

January 28, 2014 - Industry News

NADA Launches Fair Credit Compliance Policy and Program

Last week, the NADA announced a new fair lending compliance policy and program designed to help dealers cope with growing pressure from regulators like the CFPB.

Tags: compliance, Consumer Financial Protection Bureau, discrimination, interest rates, NADA Convention and Expo

December 5, 2013 - Industry News

Experian: Auto Loan Interest Rates Fall to All-Time Low

According to the latest report from Experian Automotive, interest rates for auto loans fell to an all-time low in the third quarter, while the average amount financed reached its highest level since 2008.

Tags: auto finance, Auto Loans, Experian Automotive, interest rates

February 23, 2012 - Industry News

Interest Rates at Lowest Levels Since 2008, Experian Reports

Experian Automotive announced that the automotive loan market showed continued improvement, with interest rates for new- and used-vehicle loans at their lowest levels since 2008.

Tags: Auto Loans, Credit Scores, deep subprime, Experian, interest rates, nonprime, subprime

January 10, 2012 - Industry News

Toyota, Lexus Offer Special Military Financing Program

Toyota, Lexus and their respective finance divisions announced they are offering special APRs and rebates to qualified military personnel and inactive reserves looking to purchase a new car.

Tags: interest rates, Lexus, Lexus Financial Services, military, Toyota, Toyota Financial Services

December 1, 2011 - Industry News

Ally Expands Buyer’s Choice to 12 Additional States

Ally Financial announced that its Ally Buyer’s Choice program will be in 17 states by Dec. 12.

Tags: Ally Financial, Chrysler, Finance, General Motors, interest rates, leasing, trade-in value

September 20, 2011 - Industry News

CAR-Research XRM Launches Automated Rates, Residuals Program

CAR-Research XRM announced the launch of a new program that can deliver lease rates, residuals, manufacturer incentives and rebates in real time.

Tags: CAR-Research XRM, desk managers, interest rates, residual values

September 6, 2011 - Industry News

Navy Federal Lowers 36-Month Auto Loan Rate

Navy Federal Credit Union announced that it has lowered its 36-month new auto loan rate to an APR as low as 1.79 percent. It plans to maintain this rate, along with its 1.99 percent new auto rate for loans of up to 60 months.

Tags: APR, Auto Loans, Credit, credit unions, interest rates, Navy Federal Credit Union

May 24, 2011 - Industry News

Edmunds.com Unveils Four-Square Calculator for Car Buyers

Edmunds.com has released an online tool to help consumers determine the expected price – and boost their bargaining position – on a new-car purchase.

Tags: average term, down payment, Edmunds.com, interest rates, trade-in value

November 30, 2010 - Industry News

Right Time to Buy for Three-Year-Old Vehicle Owners, Say Edmunds

Recent trends in interest rates and used-car values make this a good time for dealers to contact their customers who are driving three-year-old vehicles to see if they are interested in lowering their monthly payments.

Tags: Edmunds.com, interest rates, used vehicles, Vehicle Sales

November 8, 2010 - Industry News

Consumer Borrowing Increases in September

Consumer credit increased at an annual rate of 1.1 percent, or $2.1 billion, in September, according to the Federal Reserve’s monthly report.

Tags: Auto Loans, Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

October 12, 2010 - Industry News

Interest Rates Drop in August, Federal Reserve Says

Consumer credit decreased at an annual rate of 1.7 percent in August, according to the Federal Reserve’s monthly report.

Tags: Auto Loans, Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

August 10, 2010 - Industry News

Auto Affordability Flat as Recovery Slows in Q2

The purchase and financing of an average-priced new vehicle took 23.6 weeks of median family income in the second quarter of 2010, according to Comerica Bank’s Auto Affordability Index.

Tags: Comerica Bank, interest rates

July 13, 2010 - Industry News

Consumers Continue to Tighten Purse Strings, Reveals Fed Report

Borrowing among U.S. consumers fell for the fourth straight month in May, dipping by 4.5 percent, according to the Federal Reserve.

Tags: Auto Loans, Federal Reserve, Finance, interest rates, loan-to-value ratio, non-revolving credit

June 28, 2010 - Industry News

Buyers Getting Smarter, But Still Unprepared, Says New Study

Consumer are more cautious about spending and are conducting more research before making major purchases in the wake of the economic downturn, but a new study reveals that they still have a lot to learn.

Tags: Capital One Auto Finance, interest rates, Vehicle Sales

June 7, 2010 - Industry News

Interest Rates Drop for Second Consecutive Month, Federal Reserve Says

Consumer credit increased at an annual rate of 0.5 percent in April, according to the Federal Reserve’s monthly report.

Tags: Auto Loans, Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

May 11, 2010 - Industry News

Consumer Credit Rises; Interest Rates Dip, Federal Reserve Says

Consumer credit rebounded in March to an annual rate of 1 percent after it decreased in February to an annual rate of 3 percent, according to the Federal Reserve’s monthly report.

Tags: Auto Loans, Consumer Credit, Federal Reserve, Finance, interest rates, loan-to-value ratio

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