Used Car Sales in March Highest Since 2002!

Used car buyers were very busy in March, with sales of $27.2 billion. There were 3.7 million units sold, a large increase from last years’ 2.7 units. Most of the sales were 1998 models and earlier. Many of the buyers and sellers were 25 to 35 years old, according to CNW President, Art Spinella. Read […]

Fourth Quarter Sees Decline In Car Affordability

According to Comerica Bank’s Auto Affordability Index, autos became more expensive and harder to afford for the average consumer during the latter three months of 2012. Experts claim an increase in interests rates as well as the rising cost of the average vehicle is to blame. Sales surged after the effects of Hurricane Sandy, but […]

March Sales Could Be Highest Since 2007, Says KBB

New car sales are expected remain at the current annual rate in March. This rate, of 15.2 million, is up 3.2 percent from last year, Kelley Blue Book says. Sales could also improve by 7 percent or more, thanks to “record low interest rates and a slowly improving job market,” says Alec Gutierrez, Kelley Blue […]

Auto Loan Delinquency Seen As Positive Indicator

Many are seeing the increase in delinquent payments on auto loans to be a positive sign of economic recovery. Lenders and banks becoming confident enough in their cash flow that they are relaxing their strictures on the loans rather than just writing them off. The recession hit lenders as hard as borrowers, but just as […]

Richard Cordray’s Nomination for CFPB Approved by Banking Committee

The nomination of Richard Cordray to lead the Consumer Financial Protection Bureau was approved today on a party-line vote by the Senate Banking Committee. Republicans in the Senate have vowed to block the nomination of any potential head of the bureau unless their requests are met, which include having the bureau run by commission instead […]

0.8% Increase In Used Auto Prices in February

Used cars have increased in price this past February, but only by less than one percent, which is far less than the increases that have taken place in previous years. Due to economic factors such as the end of tax season and Hurricane Sandy, pricing increases in the used auto market have slowed down. To […]

Avis New Owner of Zipcar Inc.

Avis Budget Group Inc. has announced its finalization of the purchase of Zipcar Inc. Zipcar is a car-sharing network whose 775,000 members rent cars by the hour or day. Avis originally announced the purchase in January, 2013. Avis has over 10,000 rental locations worldwide. Zipcar’s fleet of vehicles is 11,000. Zipcar operates in metropolitan areas. […]

Fitch Rates VW Auto Loan AAA

Fitch Ratings is bullish on Volkswagen’s auto loan programs. Specifically, the financial rating organization graded Volkswagen Auto Loan Enhanced Trust 2011-1: Class A-3 at AAAsf, outlook stable and Class A-4 at AAAsf, outlook stable. Fitch’s ratings are based upon the quality of car companies’ retail loan originations along with the strength of the legal and […]

Rise in Auto Delinquencies Noted, But Not a Concern

A recent report from Experian Automotive indicates that there has been a slight rise in 60 day delinquencies, up .02% over fourth quarter 2011 to fourth quarter 2012. Although this is the first increase since 2009 there is no need to panic. Compared to where we were 3 years ago there is still “remarkable stability” […]

CFPB Responding to Discriminatory Loans.

The Consumer Financial Protection Bureau has told four different banks they may be sued. This is due to apparent discriminatory vehicle loans and interest rates. The banks have received 15 days to respond to the allegations. Since the economy has improved steadily since the market crash, loans have been a little more popular, but with […]