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The purchase and financing of an average-priced new vehicle took 21.9 weeks of median family income in the third quarter 2009, according to Comerica Bank's Auto Affordability Index.
Read More →GMAC Financial Services reported a third quarter 2009 net loss of $767 million, an improvement from the net loss of $2.5 billion in the year-ago period.
Read More →While saying the credit markets and the economy still face hurdles, the National Association of Credit Management (NACM) reported that its October Credit Managers Index (CMI) broke into expansion territory for the first time in over a year.
Read More →After a thorough review of the Cash for Clunkers program, the chief economist of the National Automobile Dealers Association (NADA), Paul Taylor, determined that the cost of each incremental vehicle sold was around $4,587.
Read More →Fueled by double-digit revenue growth in seven of its business segments, including auto financing, Wells Fargo & Co. reported its third straight quarter of record earnings last week despite mounting loan losses and decreases in its mortgage originations.
Read More →Driven mainly by its investment banking division, which offset losses on credit cards and consumer loans, JP Morgan Chase reported strong earnings for the third quarter 2009. As for its auto finance segment, originations were up 82 percent.
Read More →The “Cash for Clunkers” program temporarily boosted new-vehicle sales, while compact car values rebounded in late August and continued to climb in September, according to the latest Kelley Blue Book (KBB) Monthly Market Report.
Read More →Evidence of the Cash for Clunkers (C4C) program’s impact on consumer credit were revealed in the Federal Reserve’s August report, which showed marked declines in loan-to-value ratios and the amount financed.
Read More →September new-vehicle retail sales are expected to come in at 590,000 units, down 24 percent from the year-ago period, and represents a seasonally adjusted annualized rate (SAAR) of 7.5 million units, according to J.D. Power and Associates.
Read More →While the Cash for Clunkers (C4C) program did wonders to the dealer psyche, at least one market research firm sees some troubling signs in its aftermath.
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