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Interest Rates Further Squeeze Auto Consumers
Last month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
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F&I Showroom Magazine
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SEARCHMENUSEARCHLast month’s hike and a potential second increase this month add to a growing list of inflation woes that could continue to dent overall car sales.
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Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
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Consumers with 84-month auto loan terms who refinanced saved the most on monthly payments, according to a new report by auto refinancing provider Caribou.
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The automaker follows other brands in adding captive financing in the U.S., and says the move will strengthen its position here.
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Mainstream vehicle owners who bought a car seven years ago are likely to have positive equity when trading in for a new vehicle, according to second-quarter Edmunds data.
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Growing negative-equity scenarios mean such lengthy terms should be addressed in a forward-looking way to make them work for the dealer and the consumer down the road.
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As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
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June numbers show lenders are readily granting access, including to risky borrowers, as consumers leverage themselves to take on high prices.
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Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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After 36 years with Porsche, the Financial Services Chief Financial Officer Konrad Riedl is retiring, and the department is realigning its management structure.
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