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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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Inovatec Systems has integrated Carfax Canada’s VIN Scan with its cloud-based auto finance platform, promising a more efficient and accurate decisioning process.
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Wantalease.com reports average monthly lease payments for the Cadillac Escalade shot up nearly 40% in September, leading a pack of models that increased in price in the lull between incentive seasons.
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PassTime announced the launch of Encore, a new dealer-facing vehicle asset management tool packaged in a completely self-powered, slim design.
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eLEND Solutions dealers now have access to CoreLogic Credco’s Three-Bureau PreQual soft-pull credit inquiry tool as part of a new partnership.
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J.D. Power’s latest index finds average prices for used vehicles were up 2% year-over-year in August. Analysts say the segment will continue to drive profits for dealers for the foreseeable future.
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Swapalease.com reports a high number of applicants and a slightly tighter credit market in August. A 68.9% approval rate fell short of July’s 69.1% and represented a 5.1% year-over-year decline.
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PAR North America announced an expansion of its partnership with masterQueue, adding the latter’s skip tracing technology in an effort to increase recovery rates.
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Stock are on the rise following the second quarter-point reduction to the federal funds rate in less than two months. No further cuts are planned for this year or next, guaranteeing further pressure from the White House.
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Cox Automotive’s latest Dealer Sentiment Index shows a marked disparity in optimism and fear factors between America’s new- and used-car dealers.
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An Equifax review of auto finance data from the first four months of 2019 found subprime’s percentage of total originations fell to 22.7% for all purchases and 9.2% of new-vehicle leases.
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