
Interest rates and prices keep payments, negative-equity share high.
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Edmunds says the average APR for a U.S. new-vehicle loan was 6.36% in March, putting dealers and consumers on the cusp of a ‘dramatic shift’ toward the used-car market.
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With September in the books, Edmunds reported this week that interest rates have stayed above 5% for eight months in a row and now mirror levels not seen since before the Great Recession.
Read More →South Dakota voters approved an initiated measure aimed at capping interest rates on short-term loans in the state. Included in the cap are all charges for ancillary products and any other fees included in the extension of credit.
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Starting July 19, Ally will offer customers direct access to their FICO Scores and APR within their online accounts. The finance source has also launched a secure email feature on its site to help customers send and receive account information and documentation.
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Subprime loan programs with automatic interest-rate reductions are great for both dealers and their customers, but could run afoul of TILA standards.
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