Report shows car loan amounts, down payments rising along with interest rates.
Agency alleged that 8 dealerships charged illegal junk fees, discriminated against black buyers.
Fed announces fourth consecutive ‘jumbo’ increase in effort to slow inflation.
CEO acknowledges that greater market woes may be on the horizon.
While it’s a good sign that approval percentages continue to climb, we are still far below the levels we saw before the pandemic.
As auto loans and credit apps rise, it appears Americans are more willing to take on debt.
TransUnion study finds borrowers used auto loan deferments as a safety net during the COVID-19 crisis.
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.
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.
Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.
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