Auto Loans News

car assembly line
Apr, 15, 2013
Luxury car company Fisker Automotive may file for bankruptcy, according to several sources. Earlier this week The Wall Street Journal reported that the company has been working with restructuring lawyers at Kirkland & Ellis LLP to finalize their bankruptcy petition. Sources familiar with the matter said the company is also looking for buyers and investors, but has yet to finalize a deal. The news comes less than two weeks before the brand’s impending loan repayment to the Department of Energy.
Speedometer big sales
Apr, 3, 2013 increased the 2013 light vehicle sales forecast to 15.5 million due to growing optimism in the automotive industry. The auto sales forecast was increased from 15 million to 15.5 million after consideration about consumer sentiment and market growth. The automotive industry has not reached this level of annual sales since 2007.
dog snarling and barking
Apr, 3, 2013
According to a research paper discussed on Vanderbilt University’s latest news update, car repossession is a rare occurrence for auto title loan borrowers. Car repossession, which results when auto title loan borrowers default on payments, is often alleged to result in a chain reaction of repercussions. Consumer activists who oppose auto title loans claim that repossessing a car results in borrowers being unable to commute to work, which in turn results in job loss, unemployment and even eviction or homelessness.
Toyota cars
Apr, 2, 2013
Toyota was awarded the Best Brand in 2013 for resale value according to Kelley Blue Book (KBB). The auto manufacturing company received the top position of Best Resale Value Award for Best Brand for the third time in four years. Eric Ibara, director of residual value consulting for KBB, told that Toyota is a consistent winner because of brand strength and because it is a vehicle that consumers want to buy. He also said that Toyota is cautious with its production, so models are not over-produced.
yellow car on coins on a graph
Mar, 11, 2013
Experian’s early March press release has found that the average auto loan terms for new car financing in Q4 of 2012 rose to a record high of 65 months. This is an increase from Q4 of 2011 when they stood at 63 months. Meanwhile, used vehicle financing terms stayed stable at a 60 month level. The average auto loan amount for a new automobile increased in Q4 2012 to $26,691. This is a $272 increase from Q4 2011. The average used vehicle auto loan amount increased in Q4 2012 to $17,629. This is a $239 increase from Q4 2011.
Money on clock
Mar, 5, 2013
According to a new study by the Center for Responsible Lending (CRL) and the Consumer Federation of America (CFA), car title loans cost American consumers $3.6 billion a year in interest. The report states that an estimated 7,730 car title lenders operate in at least 21 U.S. states. Each year, these businesses cost borrowers $3.6 billion in interest on loans worth $1.6 billion. Car title loans, secured by the title on a vehicle, are labeled as short-term loans, but they tend to extend for months longer than initially predicted.
car made out of dollar bills
Mar, 4, 2013
Auto loan delinquencies reached near record lows at the end of 2012, according to a TransUnion report. The national auto loan delinquency rate hovered at 0.41 percent according to the company’s late-February press release.
Past due bill statement
Feb, 25, 2013
Sixty-day auto loan delinquencies increased in the fourth quarter of 2012, according to a recent Experian report. The Experian Automotive report provides quarterly trend analysis results for auto loans and delinquencies. Sixty-day delinquencies rose from 0.72 percent in Q4 2011 to 0.74 percent in Q4 2012. The increase was the first year-over-year rise for either 30- or 60-day auto loan delinquencies since Q4 2009.
man in handcuffs
Feb, 15, 2013
An identity thief just became the largest identity theft scammer in the history of Missouri state prosecution. Terry Lee Morrow, Jr. is charged with 17 felonies relating to a $1 million car loan fraud scheme that spanned two states.
row of cars at a dealership lot
Feb, 11, 2013
Chrysler enthusiasts and future car shoppers rejoice! A new lender is on the scene. It turns out the car industry giant Chrysler is replacing its old financing partner Ally. Chrysler Group LLC is giving the boot to Ally and replacing it with Chrysler Capital, the lovechild of Chrysler Group and Santander Consumer USA, which is a subsidiary of Spanish banking behemoth Banco Santander. Santander Consumer USA is an auto lending company with $21 billion worth of financing revenue thanks to its partnerships with 14,000 dealerships. Its mother company, Banco Santander, dominates the euro zone by managing 1.388 trillion euros.