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The average household is on the verge of being priced out of the new-vehicle market, Experian’s fourth quarter data shows.
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A new report from Morgan Stanley identifies several key factors that could cut used-car values in half by 2022.
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A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.
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Clearlane allows consumers to finance a vehicle purchase from a dealership or a private party sale, refinance their existing loan, or buy their vehicle at lease end. The site also sells GAP and service contracts.
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AutoGravity’s mobile car shopping and financing platform has grown to included 1,000 rooftops representing more than 1,400 dealerships.
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The special finance company, which counts the cofounder and former COO of Exeter Finance in its executive ranks, will use the funding to launch a new and pre-owned auto leasing program this year.
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The more than 1,000 credit unions on CU Direct’s lending platforms maintained their No. 2 spot on Experian’s auto finance leaderboard in January. And with plateauing demand for new vehicles expected to drive up pre-owned sales, the market appears ripe for credit unions to reap further market share gains.
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GAP rates are on the rise. Insiders say dealers should welcome the increases, adding that the performance of this core F&I product points to a severe slowdown in the next 24 months.
Read More →The firm today reported that average amounts financed for new and used reached record highs of $30,621 and $19,329, respectively. Total balances also reached a record high, although Experian observed a slowing in year-over-year growth.
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The D.C. Circuit granted the bureau’s request to reconsider last October’s three-judge ruling that the bureau’s structure is unconstitutional, vacating a decision that gave the president the authority to remove the director of the CFPB at will.
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