MENU
SEARCHThe average amount financed on U.S. new-vehicle purchases continued to decline in November 2008, according to the latest Federal Reserve Statistical Release.
WASHINGTON — The average amount financed on U.S. new-vehicle purchases continued to decline in November 2008, according to the latest Federal Reserve Statistical Release.
The figure dropped for the fifth-consecutive month down to its lowest point of the year at $25,041 per vehicle, down from $25,391 in October 2008. The loan-to-value ratio (LTV) on new-vehicle deals rose 2 points from October 2008 to reach 88 percent, but was still one of the lowest figures of this year.
Average loan maturity for November was 63.2 months, a slight decline from October’s 63.9, and below the 65.4 average for the third quarter 2008.
Interest rates on new-car purchases climbed in November to 6.43 percent. The rate is slightly up from the 6.41 recorded in October, but below the third quarter average of 6.54. Nonrevolving consumer credit, which includes auto loans, rose to an annual rate of 3.9 percent (or $1.5 trillion) in November.
For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
Read More →
In this video, Ryan Ruff explains the rule that elite sales professionals use to turn ordinary conversations into unforgettable customer experiences.
Read More →
What’s the atmosphere saying about you to your customers? You can make minor adjustments and additions that transform your space into one that creates trust with the people on the other side of the desk.
Read More →
How can auto dealerships help F&I managers fulfill their vital role in the most effective ways? Industry expert Rick McCormick shares his insights on the best ways to train these professionals and help them maintain good habits.
Read More →
More consumers and businesses are opting for all-season options for various reasons as safety, sustainability and convenience push practical change.
Read More →
It’s time to take the next digital step to free F&I managers to handle the most challenging aspects of customer meetings.
Read More →
Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.
Read More →
Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.
Read More →
Helping F&I customers understand complementary offerings is likely to lead to more sales, based on the success of a high-performing practitioner of the philosophy.
Read More →