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Loan and Lease Terms Get Longer

September 11, 2006

Vehicle loan and lease terms continue to lengthen, according to the Consumer Bankers Association's 2006 Automobile Finance Study. Auto lenders prefer using low monthly payments to boost business, and loan maturities of longer than 60 months represented 55 percent of new vehicle loans written last year, according to the study. The average new vehicle loan increased four percent to $23,534 last year over 2004, while the average used vehicle loan rose three percent to $16,419 last year, reports Automotive News.

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