Auto Loans News

Car for sale in shadows
Nov, 9, 2012
A Colorado car dealership is under investigation for keeping car titles away from owners. Roadhouse Auto Center in Grand Junction, Colo. is being investigated by the Colorado Department of Revenue. Customers and employees complained to the authorities because the owner left town, without paying employees or giving owners their car titles. All that is left is a vacant property and a sign which reads “For Sale or Lease.” “I went to go get my tags on it, and the lady at the motor vehicle said ‘we’re having trouble with the dealership,’” Steve McKay, a Roadhouse customer, said to KKCO news.
Increased number graph
Nov, 8, 2012
Consumer borrowing reached record levels due to increases in student and auto loans in September. Yesterday the Federal Reserve reported that total consumer borrowing increased $11.4 billion in September compared with August findings. Americans cut back on credit card borrowing, a sign that borrowers are wary of high-interest lending.
car chart rise
Nov, 7, 2012
Ally Financial, which is 74 percent owned by the federal government, has earned $384 million in the third quarter of this year, according to Reuters. This is a massive profit gain compared to a year ago when the car loan lender reported a loss of $210 million in the third quarter of 2011.
flood damaged car
Nov, 6, 2012
Super-storm Sandy has come and gone, leaving massive devastation in its wake. Unfortunately for car buyers, the real damage is still to come. One consequence of various storms and water-related disasters is the damage done to vehicles in the form of flood damage. Due to Sandy’s power, many cars across the east coast have been damaged by water. While many of these vehicles should be salvaged or scrapped, far too many of them will instead be sold to used car dealerships then resold in the coming weeks and months to unsuspecting buyers.
Car with increasing graph
Nov, 1, 2012
Yesterday the Federal Reserve reported that U.S. banks have seen an increase in demand for car loans and commercial and residential mortgages during the third quarter. According to Ward’s Automotive Group, cars and lightweight trucks sold at a 14.9 million annual pace during September, the highest since March 2008. Similar growth was seen in the home sector. According to last week’s Commerce Department report, new homes sold at a 389,000 annual pace during September—the largest pace in two years.
Hands receiving keys
Oct, 29, 2012
U.S. households are taking on more debt than they are shedding — a huge shift since the Great Recession. Household debt numbers are increasing for the first time since the Great Recession hit in 2007-2008. Reports have shown falling numbers for the past 14 consecutive quarters.
Canadian flag
Oct, 25, 2012
The Royal Bank of Canada (RBC), the country’s financial industry giant, intends to double its auto loan lending by purchasing the auto loan division of Ally for $4.1 billion. While mortgages account for the majority of RBC’s revenue, auto loan lending is considered to be relatively low-risk when compared to the mortgage lending industry.. “It’s a stable business with a low loan-loss profile, and that’s always what you’re looking for in an acquisition. Canadians pay off their car loans,” said Dave McKay, RBC’s group head of personal and commercial banking, in a Reuters interview.
red car skid marks
Oct, 23, 2012
Due to economic sanctions, car loans have become static in Iran, according to the Jerusalem Post. Iran, having continued its nuclear program for years, faces increased pressure from sanctions imposed by several countries, including the United States.
gavel and handcuffs in darkness
Oct, 12, 2012
Arturo Villarreal-Alba, from Whittier, California, pled guilty in a US District Court to charges of conspiracy to defraud the United States through an income tax return filing criminal plan. Villarreal-Alba falsely claimed over $250 million in income tax refunds. Additionally, he was involved in mail fraud as part of a vehicle registration “title washing” criminal operation, according to the Whittier Daily News.
car on Chinese money
Oct, 10, 2012
Daimler, the third-largest luxury automobile manufacturer in the world, intends to increase auto loans in Asia and Africa by 50 percent over the next two years. This comes with the expectation that increasing wealth in China also increases demand for their most well-known line of vehicles: Mercedes-Benz. Daimler’s financing arm, Daimler Financial Services AG, is targeting an auto loan portfolio valued at 18 billion euros—roughly $23 billion—for the two massive continents by 2014, according to Richard A. Howard, the division’s head in Asia and Africa.