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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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Edmunds says the average APR for a U.S. new-vehicle loan was 6.36% in March, putting dealers and consumers on the cusp of a ‘dramatic shift’ toward the used-car market.
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The U.S. new-vehicle sales forecast improved to 17.42 million units in March, but sales fell 3.1% year-over-year against slowing demand fueled by higher interest rates, prices, and payments and reduced incentive spending.
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NextGear Capital announced that founder and floorplan financing innovator John Fuller has died at the age of 75.
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Wells Fargo President and CEO Tim Sloan will retire effective June 30, ending an era marked by a series of scandals that rocked the company’s auto, home, and consumer banking divisions.
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Two consumer credit giants have partnered to launch the Data Decisions Cloud, a new data and analytics suite designed to speed credit decisioning for auto finance sources.
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Maritz and Northwood University announced a program designed to develop the next generation of automotive industry leaders through student internships, guest lectures, and a new scholarship.
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Wantalease.com reports sharp drops and steep increases in average new-vehicle lease payments for March, including aggressive pricing for the Chevrolet Traverse and Ford Fusion.
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PassTime and Solutions by Text have partnered to deliver SBT’s SMS text-powered software suite to PassTime dealers.
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Swapalease reports credit approval rates on its online marketplace dipped slightly in March, but traffic is up as consumers encounter high lease prices at dealerships.
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FICO’s second annual survey of auto finance customers finds the United States and Canada atop the dealer-arranged financing rankings even as the number of auto loans originated online jumped from 5% to 13% year-over-year.
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