Auto Loans News

Auto Industry rises
Mar, 6, 2012
Equifax and Moody’s Analytics joined together in a study of new U.S. consumer credit data from CreditForecast.com, and believe the auto market will continue its healthy rise throughout 2012, according to a press release. “After spending recent years in financial doldrums, U.S. consumers are poised to make a comeback in 2012,” said Equifax Chief Economist Amy Crews Cutts. “The most promise we have seen has primarily been within the consumer spending and auto financing sector.”
Falling interest rates
Feb, 29, 2012
Due to the current trend of borrowers keeping current on their vehicle financing, lenders are charging auto loan borrowers at the lowest interest rates seen in t he past four years, according to Experian Automotive. The average interest rate for new vehicle car loans fell to 4.52 percent in the fourth quarter of 2011, bringing the average rate to the lowest point since Experian began monitoring average auto loan rates back in 2008. One year earlier at the same time, the average rate was 4.84 percent.
Excited driver
Feb, 23, 2012
The amount of auto loans lent to subprime borrowers continued to rise through the fourth quarter of last year, said the credit bureau Experian.   Due to a new trend that many lenders have begun to participate in, more and more subprime borrowers were able to obtain vehicle financing. As a result, outstanding car loans rose by 3.8 percent, which is roughly $23 billion. That sharp uptick in outstanding vehicle financing brings the national total to $658 billion.  
Car made out of a surge protector
Feb, 14, 2012
Reports about the auto loan and student loan industry bring optimism and good news about our nation’s recovering economy. According to the Wall Street Journal, borrowing of car loans, students loans, and other types of financing increased 9.9 percent in November and 9.3 percent in December—both percentages adjusted to account for holiday spending.   That signals the biggest two-month surge since late 2001, when auto makers issued zero-percent financing following the September 11 attacks on the World Trade Center.  
Man pumping gas
Feb, 3, 2012
In wake of the GOP’s efforts to eliminate the renewable energy production tax credit and money-back rebate for those who take out auto loans for electric vehicles, the conservative party is pushing to improve the nation’s gas-consuming automobiles.  
Gavel resting on a law book
Feb, 2, 2012
Owners of Hybrid Honda Civics who took out auto loans for the 2006 model have been rallied together by class action lawyers in a huge lawsuit mounted against Honda Motor Co. They claim the automobile company is guilty of false advertising by promoting a much higher miles-per-gallon for the vehicle than it actually gets.   But one car owner, Heather Peters, decided to take on the auto giant by herself and separated from the class action suit. She approached a small claims court in order to avoid attorney’s fees and to acquire a quick decision.  
Man tied to his car
Jan, 31, 2012
With an outstanding average balance of $16,128, Orange County residents owe more on their auto loans than any other county in the nation, reports CreditKarma.com.   The national average of individual outstanding car loan debt rests at $15,504, but Orange County exceeds that average by over $600. However, despite the higher balance, CreditKarma.com says that O.C. residents are better at managing it. The average O.C. resident’s credit score in December was 691—which is 31 points higher than the national average’s rating of 660.  
Zimbabwe Flag
Jan, 27, 2012
On the other side of the world, a country in Africa is experiencing social unrest over the government and car loans.   Zimbabwe, a country full of poverty-stricken citizens, just saw their members of parliament (MPs) receive a $15,000 bonus that was meant to help them pay down their auto loans. This $15,000 sum is on top of the $30,000 each member received in 2009 to initially purchase the vehicles.   But the government officials are claiming they make too little to repay their high priced car loans, and as a result they will not be putting the new $15,000 windfall amount towards paying down their loans.
Shopping cart with car wheels
Jan, 12, 2012
Those considering a new vehicle purchase in this upcoming year won’t need to worry about a long, grueling application for a car loan, nor will they need to worry about their wounded credit score that resulted from delinquent mortgage payments. Instead, experts are predicting auto loans will be much easier to obtain in 2012.   Part of what’s contributing to this prediction is this year has shown the highest amount of U.S. auto sales since 2008. And since buyers are continuing to be lured into purchasing new vehicles with cheap car loans, those sales are expected to keep soaring.  
Broken Piggy Bank
Dec, 23, 2011
Earlier this week Saab Automobile filed for to have its assets liquidated after negotiations for a lifesaving investment opportunity with Chinese investors fell through.   Saab was acquired by General Motors (GM) in 1990, but this year filed for bankruptcy to avoid complete insolvency.  

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