The Blog For Auto Financing News and Advice
Posted in auto loan rates, auto loans, car loans on Jun 8th, 2010
The Federal Reserve’s data shows that the average auto loan interest rate on new car loans at auto finance companies in April was 4.13 percent.
April’s rate follows several previous months of a rate decline, SubPrime Auto Finance News reports. In March, the national average car loan rate was 4.28 percent and in February it was [...]
Posted in auto loans, auto news, car loans, car shopping, incentives on May 28th, 2010
Ford is planning to wind down the Mercury brand, created in 1939 by Edsel Ford, after sales plunged 74 percent since 2000, said two people familiar with the plan. Exactly when Mercury will die depends on how fast Ford executives can convince Mercury dealers, who also sell Lincoln vehicles, to close or merge with Ford [...]
Posted in auto loans, car loans, leasing on May 26th, 2010
Mercedes-Benz Financial is giving its dealers Apple iPads to help move the auto loan process out of the finance manager’s office and onto the showroom floor, and to speed-up transactions. Mercedes-Benz Financial says it is one of the first companies to adapt the consumer-oriented iPad as a mobile business tool.
MB Advantage, which is Mercedes-Benz’s point-of-sale [...]
Posted in auto loans, car loans, car shopping on May 11th, 2010
Auto loan interest rates are up and it’s costing consumers more to buy a new car right now. The increased auto loan rates were the primary factor in dropping the first quarter 2010 auto affordability down to a more than two-year low, according to Comerica Bank, which released its Auto Affordability Index Tuesday.
It took 23.4 [...]
Posted in auto loans, auto news, car loans, car shopping, leasing on Apr 28th, 2010
In their search for a loophole, auto dealers claim that the new financial reform bill will restrict affordable car loans and result in fee hikes.
“The auto dealers are urging senators to avoid over-regulating their dealerships, burdening them with redundant laws, and ultimately limiting consumers’ credit options. These concerns are unfounded. A key feature of the [...]
Posted in auto loans, bad credit, car loans on Apr 23rd, 2010
AutoNation, the country’s largest auto dealership chain, says credit is loosening up, making it easier for consumers to get approved for auto loans.
AutoNation CEO Mike Jackson said auto sales are up for several reasons. Not only is credit becoming more available for shoppers to get car loans, but buyers are more confident that they’ll be [...]
Posted in auto loans, car loans on Apr 15th, 2010
Chase said that its auto originations for the first quarter of the year are up both year-over-year and quarter-over-quarter.
An auto origination, or loan origination, “is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application through disbursal [...]
Posted in auto loans, car loans, leasing on Apr 8th, 2010
GMAC Financial Services announced Thursday that its retail banking subsidiary, Ally Bank, has entered into a $7 billion secured revolving credit facility with a syndicate of lenders. The facility has a 364 day maturity and is available to fund automotive receivables.
“Ally Bank is a key part of our automotive funding strategy and this new credit [...]
Posted in auto loans, car loans, leasing on Apr 7th, 2010
U.S. Mazda customers will continue to get their auto loans and leases through Chase Auto Finance for several more years. Mazda North American Operations (MNAO) and Chase announced they have expanded their relationship by signing a multi-year private-label agreement under which Chase will be the exclusive U.S. auto finance provider for Mazda, operating under the [...]
Posted in auto loans, auto news, car loans, incentives on Mar 31st, 2010
Toyota plans to extend its 0% auto loan incentives and discount lease offers for at least another month and may make free maintenance standard for all U.S. buyers. Toyota will announce its new incentives April 5, when its current incentives expire.
“We’re looking at having a little bit different execution of complimentary maintenance,” said Bob Carter, [...]