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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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National Automobile Dealers Association officials have told the FTC that proposed new provisions to the Safeguards Rule may be unnecessary and could cost smaller dealers more than $400,000 in the first calendar year of enforcement.
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Protective Asset Protection’s Dealer Training Institute was designed to help F&I personnel better understand product offerings to maximize sales, profits, and CSI.
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Experian’s Q2 auto finance report consumers continue to uncover ways to manage monthly payments. For a record percentage of prime borrowers, that meant passing on a $32,000-plus new-vehicle loan in favor of a pre-owned unit.
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Black Book’s Used Vehicle Retention Index shows a 1.4% month-over-month increase in August, a month in which all but a few pre-owned segments showed improvement.
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Toyota Motor Credit will offer loans, leases, and F&I products to Mazda’s U.S. dealers and customers, replacing the JPMorgan Chase-backed Mazda Capital Services as the factory’s captive finance company.
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Analysts say impending 2020 releases are putting downward pressure on lease prices in every truck and SUV category in Wantalease.com’s secondary marketplace.
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An Ally/Harris survey of U.S. consumers found only 21% had purchased a vehicle service contract, propelling their average five-year maintenance and repair costs to nearly $2,000.
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Six operators of a nonexistent auto finance company have been sentenced to federal prison or probation for fraudulently obtaining $1.7 million worth of loans from banks and credit unions.
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Hoover Mitsubishi’s Mark Hoover has sued two former employees accused of doctoring auto loan applications, a scheme that led to an FBI raid and the shuttering of the dealership.
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Lease approval ratings improved in July following a slight dip in June, according to the latest report from Swapalease.com.
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