Nearly half of new car buyers in the month of November used longer terms to purchase more expensive cars, according to a report from Requisite Press. The long-term loans enabled extra spending of more than $1.4 billion.
Experian Automotive reported this week that average dollar amount for both new and used vehicle loans reached all-time highs in the third quarter, climbing to $27,799 and $18,576, respectively.
A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the regulator will continue to monitor the market.
The percentage of new-vehicle loans made to credit-challenged car buyers was at 15.1% in the second quarter of 2014, down from 22.1% in the same period in 2013, according to Experian Automotive.
US Equity Advantage has transmitted more than $1.3 billion in loan payments for its members, while maintaining compliance with the money transmitter requirements related to licensing and bonding in all 50 states.
Auto Dealer TV's Jennifer Nebrich brings you the latest on May sales and auto finance trends for the first quarter. Also this week, the NADA issues a report on the cost of keeping up with federal regulations, while the FTC fines CPS $5.5 million.
Fifth Third Bancorp revealed in a regulatory filing this month that its indirect auto loan portfolio is being examined by the Department of Justice to determine whether the finance source engaged in discriminatory practices.
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