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Automotive Consumers Sink Further in Debt
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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SEARCHMENUSEARCHMost financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
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Wholesale prices of used vehicles up to eight years in age fell by 1.2% in August. Over the past five years, however, losses for the period averaged a more significant 2.2%.
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The bureau released results of a national survey that measures the financial well-being of specific consumer groups as well as the population as a whole. The regulator also announced the release of a new tool designed to allow consumers to measure their level of financial well-being.
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Sentiment speaks to recent auto finance data showing prime and superprime car buyers shifting toward used, where the average monthly payment was $139 less than the record $504 average monthly payment for new in the second quarter.
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House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.
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Beginning in the state of California, financing through Hyundai Capital America is now accessible to AutoGravity users searching for financing for Hyundai, Kia or Genesis.
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Shoppers on Jumpstart Automotive Media’s portfolio of automotive publishers are gravitating toward the luxury sport, coupe, luxury sport sedan, and large SUV categories. But the two segments grabbing the most attention are alternative fuel vehicles and subcompact SUVs and CUVs.
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Despite the nine-basis-point increase, the auto loan default rate remains near levels recorded one year ago. However, declining auto sales and the normal end-of-year push to make room for newer models may encourage easier credit conditions and raise concerns about future defaults.
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Legal eagles deconstruct the case that changed how courts handle contract disputes between dealers and their floorplan lenders.
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Sponsored by F&I Express, the awards program is designed to honor companies and individuals driving innovation in the digital F&I space.
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General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the automaker. Dealer trade groups believe the OEM’s stated goal of enhanced ‘safety and transparency’ is not the real reason for the new policy.
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