Due to a multitude of factors, including vehicle sales, household debt and unemployment, automotive lenders will be affected differently depending on their market segment and their loan origination process.
While May might not have brought the big uptick in sales we’ve seen in recent months, preliminary data suggest that automakers took in record revenues, with the average transaction price of new cars, trucks and crossovers sold last month climbing by at least 4%, reports The Detroit Bureau. All told, U.S. buyers spent a record ... Read More »
WASHINGTON — The American Bankers Association (ABA)’s chief economist said this month he is optimistic that the economy will continue its upward trend. Driving his positive outlook are rising consumer confidence and falling delinquency rates. In the third quarter 2014, delinquencies for seven out of the 11 credit categories monitored by the ABA showed declines. ... Read More »
Toyota Motor Credit Corp, the lending arm of Toyota Motors Corp, could face an enforcement action from U.S. authorities over its pricing of auto loans through dealerships and could be forced to reimburse borrowers or pay a fine, the company said late Friday, reported Reuters. On Nov. 25, the U.S. Department of Justice and the ... Read More »
WESTLAKE VILLAGE, Calif. — Auto finance sources cannot focus their efforts on only one or two areas of the financing process and expect to have satisfied customers; they need to excel in all areas throughout the life of the loan or lease. That was the conclusion of J.D. Power and Associates’ 2014 U.S. Consumer Financing ... Read More »
The repo man is getting very busy as a growing number of car and truck owners are struggling to make their monthly auto loan payments, reported NBC News. Experian, which analyses millions of auto loans, said Wednesday that the percentage of those loans that were delinquent or ended up in default with the vehicle being ... Read More »
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