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Still worse year-over-year, since prices and loan rates are elevated.
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Consumers paying more and more as interest rates stretch costs to new highs.
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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.
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The Comptroller of the Currency warned in a speech delivered yesterday that the pace of auto lending reminds him of the mortgage industry in the run up to the 2009 financial crisis.
Read More →The rise in new-vehicle prices continued in the second quarter, with more consumers turning toward the used market and leasing. Loan terms also continued to stretch.
Read More →The average loan term for new and used vehicles has increased by one month, reaching new all-time highs of 67 and 62 months, respectively, according to a new report from Experian.
Read More →There’s a reason captives like Ally and Chrysler Capital have expanded their appetite for longer term loans. And according to a new white paper from Black Book, it’s not just about keeping loan payments below that $400 consumer sweet spot.
Read More →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.
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