Auto Loans News

Woman receiving keys new car
Jun, 5, 2013
New vehicle leasing rose 12.5 percent during this last fiscal quarter, reaching a record high. Experian Automotive found that leasing represented a high of 27.5 percent of all new vehicles financed in Q1 2013. This was a significant increase from 24.4 percent in Q1 2012. The average monthly leasing payment on a new vehicle in Q1 2013 was $459, a reduction from Q1 2012 when it was $462.
Electricity will replace gasoline
May, 17, 2013
Tesla Motors Inc. is planning to sell 2.7 million shares to raise money to pay off its Department of Energy loan early. The company, best known for its high-end, critically acclaimed electric cars, intends to offer up to 3.1 million common shares as well as $450 million in notes. In total, the company plans to make approximately $830 million. Elon Musk, Tesla’s billionaire owner, also plans to buy 1.08 million shares, valued at around $100 million.
Car keys on money
May, 15, 2013
Auto loan delinquencies fell during the first fiscal quarter of 2013, according to a report by the Federal Reserve Bank of New York (Fed). The Household Debt and Credit Report released by the Fed yesterday found that auto loan delinquencies fell from 4.0 percent during Q4 2012 to 3.9 percent in Q1 2013. Auto loan delinquencies peaked at their highest rate during Q4 2010 when they reached 5.3 percent. Since then, the rate has slowly declined, taking over two years to reach its current place at 3.9 percent.
smart car on hundred dollar bills
May, 14, 2013
An auto loan lender in Ohio has unveiled a new charitable program. Pathways Financial Credit Union will be donating proceeds of new car loans to local charities as part of its “Borrow to Give” initiative. Under the program, whenever borrowers obtain an auto loan or refinance an existing car loan, the credit union will give 1 percent of the principal to a local charity near the branch where the transaction took place. Borrowers themselves benefit by receiving 1 percent also, but only up to $400. They can then use this towards their first payment, or whatever else they desire.
Tesla car
May, 9, 2013
Consumer Reports has named the Tesla Model S the best car since 2007’s Lexus LS. This week has been especially good for Tesla, which announced its first quarterly profit yesterday. The company made 11 million dollars during the first quarter of 2013. The Model S scored 99 out of 100 points and is the first car to score that high since the publication reviewed the Lexus LS 460L six years ago. In its glowing review, Consumer Reports editors said the car “takes everything you know about cars and stands it on its head.”
dollar car on loan forms
May, 8, 2013
The Consumer Financial Protection Bureau (CFPB) is gearing up to tackle the problem of discrimination in auto loan lending. However, lenders and dealers counter that CFPB efforts are unwarranted.
auto loan
May, 2, 2013
Capital One Financial Corporation has agreed to pay $3.5 million to the Securities and Exchange Commission (SEC) in response to claims that the company understated millions of dollars in auto loan losses. Specifically, the SEC order claimed that Capital One understated auto loan losses from its auto finance business, Capital One Auto Finance (COAF), sustained during the second and third quarters of 2007. The discrepancies amounted to as much as $72 million in the second quarter and $51 million in the third quarter.
Young driver
Apr, 29, 2013
A new report lists the top 10 car models chosen by subprime borrowers in the auto lending industry. The report highlights the vehicles most frequently purchased by all borrowers and compares them with the models chosen by subprime borrowers. The report measured both new and used vehicle purchases. CarFinance president and CEO, Jim Landy, said it is important for the auto industry to watch and track vehicle preferences for below-prime borrowers. Below-prime car buyers now account for 43 percent of all car loans. A borrower is classified as below-prime when their FICO score is below 660.
little girl holding cash money
Apr, 24, 2013
Young auto loan borrowers and depositors can get more than just financing at one Denver bank, they can get an education too. Young Americans Bank, a bank for young adults and children ages 21 and under, was founded by Bill Daniels. Inspired by a news story about high school students in need of a business loan, he felt that a bank should teach students about loans. Subsequently, he set up Young Americans Bank as the only bank for young people under the age of 21.
car cost
Apr, 19, 2013
The average cost of owning and operating a sedan rose to $9,122 for 2013, according to a recent study by AAA. The company’s annual “Your Driving Costs” study found that the average cost for vehicle maintenance, fuel, tires, insurance and depreciation for a sedan driven 15,000 miles a year was 60.8 cents per mile, up 1.17 cents from last year. Tire prices remained steady, but increases in vehicle maintenance, fuel and insurance costs increased the overall total.