Auto Loans News

Scratch lotto ticket
Jan, 24, 2013
A diesel engine technician from Enfield, NC, has won $100,000 by playing a Diamond 7 scratch off lottery. Jeanette Richardson, the winner, intends to use at least some of her massive prize to pay off her car loan debt. She was at home and had just purchased the $5 lottery ticket when she began scratching it off.
Female receiving car keys
Jan, 7, 2013
Cars will be a strong investment in 2013, according to several industry reports. TransUnion and the American Bankers Association both issued recent reports on the auto lending industry that covered outstanding loan balances, delinquencies and lending companies’ openness to subprime borrowers. According to a recent report from TransUnion, the number of consumers with remaining balances on their auto loans has increased in the past year. In Q3 2011, there were $59.27 million in outstanding car loan balances, which increased to $61.68 million in Q3 2012.
green car under gavel
Dec, 10, 2012
The Federal Trade Commission has settled its lawsuit against Hope for Car Owners, a business which fraudulently claimed to modify consumers’ car loans. As part of the settlement, Patrick Freeman, the only owner of the business, is banned from making and marketing car loan modifications. Hope for Car Owners is in default, meaning that it does not have enough money or assets to repay victimized customers.
Couple with car keys
Dec, 6, 2012
Banks and lending institutions are approving more subprime borrowers for auto loans, with approval numbers reaching prerecession levels, according to a report released Tuesday. According to an Experian Automotive report, in the third quarter of the fiscal year (Q3), auto loans were approved at lower credit scores, with an average of 755. In comparison to Q3 in 2007, the average score for an auto loan was 749. One year ago, the average score was 763. Melinda Zabritski, director of automotive credit at Experian Automotive, said leasing had continued trending upwards due to lenders openness to risk.
money on a past due notice
Nov, 30, 2012
A recent report from TransUnion shows that delinquency rates for car debt have increased. In 2012, the number of delinquent auto loans rose from 0.33 percent in the second quarter to 0.38 percent in the third quarter. Debt payments are considered delinquent after 60 or more days past the due date. Even though this is a relatively low rate of delinquency, the amount of outstanding car debt that borrowers had from banks still increased. In the third quarter of 2011, the amount stood at $12,902, but by the third quarter of 2012, that figure rose by five percent to $13,571, according to TransUnion.
a toy car on a dollar bill
Nov, 27, 2012
General Motors has purchased the Latin American, European and Chinese auto loan operations of Ally Financial. “GM is entering the most aggressive rollout of new vehicles in its history and this acquisition will make us an even more formidable competitor by ensuring that competitive financing is available to our customers and dealers around the world,” said Dan Ammann, GM’s Senior Vice President and CFO, in a GM press release.
Cars hit in parking lot
Nov, 21, 2012
Parking-related insurance claims increase on Black Friday according to Progressive Insurance data.  Claims increase 36.5 percent when compared to Friday reports from two weeks before and after. Additionally, parking-related insurance claims doubled from 2010 to 2011. Nearly one quarter of Black Friday accident reports occurred in parking situations.  The claims are separated into the following categories:
Row of motorcycles
Nov, 20, 2012
Group Lease, a Japanese-owned motorcycle loan firm, plans to acquire leasing companies in Vietnam and Indonesia. The acquisition was implemented due to an increase in motorcycle sales in both countries.
chart with Canadian flag
Nov, 15, 2012
Our neighbors to the north in Canada are facing rising debt levels on par with American consumers. Recent reports reveal that this is being caused by increased spending and consumer confidence, which hopefully will begin to sweep across the border and into America. A closer look at the situation in Canada may shed light on our nation’s prospective future. The average Canadian now owes $26,768, according to TransUnion. This is an increase of 4.6 percent from 2011.
politician with money in his front pocket
Nov, 13, 2012
LoanMax, an auto title loan company based in Georgia, has contributed $24,000 to over a dozen Republican Assembly candidates in the state of Wisconsin this year, according to Journal Sentinel. In Wisconsin, donations to Assembly candidates are capped at $500 per person. Over three-quarters of this year’s campaign contributions came in the final weeks before the November 6 election.