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July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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SEARCHMENUSEARCHCredit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
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Ford CEO Jim Hackett said on Tuesday the automaker plans to reduce engineering costs by 50% through 2022. Ford will also shift investment into trucks and electrified vehicles, and reduce costs and investment in sedans and internal combustion engines.
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The partnership will allow dealers to provide customers who purchase Diamondbrite N.A. products, which include lifetime warranted paint, fabric, wheel, and leather protection, with premium financing through The Zero Plan.
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Fueling the increase was vehicle replacement activity related to Hurricane Harvey, which began last month. According to Black Book, compact cars, compact crossover SUVs, full-size cars, and mid-size cars each realized significant month-over-month increases within the index.
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New-car affordability continued to be a challenge for car buyers, with the average transaction price closing in on $35,000 in September.
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Credit unions and captives continued to take advantage of the pullback by banks in the second quarter. The message coming out of CU Direct (CUDL)’s Sept. 28 webcast is that credit unions need to act fast before banks reconfigure their strategies.
Read More →With MUSA's auto-decisioning capabilities, dealers can expect callbacks within 30 seconds, according to officials. They say dealers don't have to be leasing experts to get one done with the company.
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Founded by Jim Landy and other auto finance veterans, the digital retailing company is looking to revolutionize the automotive fintech space behind a set of self-serve, real-time finance tools. So far in 2017, the firm reports a compound monthly growth rate for completed loans of 20%.
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Kelley Blue Book said replacement demand driven by hurricanes Harvey and Sandy is already being felt in some areas. The firm predicts that will continue into October and potentially November as vehicle insurance payouts are received.
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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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