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Consumer credit increased at an annual rate of 1.1 percent, or $2.1 billion, in September, according to the Federal Reserve’s monthly report.
Non-revolving credit, which includes auto loans, increased at an annual rate of 7.9 percent, or $10.4 billion, in September. Revolving credit fell at an annual rate of 12.1 percent, or $8.3 billion.
Interest rates on new-vehicle loans increased to 4.35 percent in September, compared to 4.01 in August and 3.87 percent in July.
Loan terms were 63.7 months, similar to 63.8 months in August and 63.7 months in July.
The loan-to-value ratio on new-car loans was 86 percent, down slightly from 87 percent in August and July.
Amount financed fell for the second consecutive month to $27,894 in September, down from $27,970 in August and $28,377 in July.
Credit card down payments, multiple vehicle purchases and even straw purchases can be completed without committing bank fraud, as long as you tell the bank first.
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