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Due to a multitude of factors, including vehicle sales, household debt and unemployment, automotive lenders will be affected differently depending on their market segment and their loan origination process.
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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.
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The magazine’s legal eagle dusts off his soapbox to deliver a warning he’s delivered countless times before. But this time, there’s more at stake than the threat of consumer lawsuits.
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