The balance of auto loans in August increased 9.7 percent from last year, rising from $760.8 billion to $834.4 billion, according to Equifax’s National Consumer Credit Trends Report.
According to Swapalease.com, slightly fewer approvals came through vs. the previous month and the overall strength on the year.
Auto loan origination activity this year is the strongest it has been for banks since 2006, with new credit generated during January and February totaling $141 billion.
The captive becomes the first finance source to launch an in-vehicle app that allows vehicle owners to manage their account. The app will be available on model-year 2013 and newer Mercedes-Benz vehicles equipped with the COMAND Navigation system.
A recent study by the Federal Trade Commission determined that, for five percent of consumers, credit report errors led to them paying more for products such as auto loans and insurance.
A new FTC study on credit report accuracy found that one in five consumers had an error on at least one of their credit reports.
In a $79.5 million deal, an affiliate with Parthenon Capital Partners acquired White River Capital and its subsidiary Coastal Credit LLC.
The continued loosening of credit standards is helping franchised dealers move those high-mileage trade-ins, with CNW predicting that used-vehicle sales in October will top the year-ago period by 8.1 percent.
Auto was the only loan type to show an increase in its default rate, but officials with the S&P/Experian Consumer Credit Default Indices don’t seem concerned.
CarFinance Capital LLC announced that it has secured a $200 million warehouse credit facility from Deutsche Bank and Credit Suisse.
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