Financing

A third of America's cars are underwater: Is yours?
A third of America's cars are underwater: Is yours?

In the aftermath of the Great Recession, you probably heard about plenty of people whose homes were underwater. Maybe you were one of them. Now, the analysts at Edmunds say plenty of cars are underwater, too. How did this happen? When we say that something is "underwater", we mean that (a) it was...Read More»

Auto loan
Study: Most families in America can't afford a new car

Buying a car is serious business, especially when you're buying one fresh off the assembly line. In fact, a study from Bankrate reveals that most U.S. families can't truly afford to buy brand-new vehicles. To reach that conclusion, Bankrate used three important figures: the average price of a new...Read More»

Auto loan
The Subprime Lending Bubble Is Totally Bursting, Maybe

Remember the Great Recession? It upended the world less than a decade ago, but already, some folks seem to have forgotten its lessons. And according to the financial blog Zero Hedge, we may be doomed to repeat them. If you're not familiar with Zero Hedge, it's well worth a look. It's written...Read More»

cash
Four Years After Dodd-Frank, Feds Decide That Auto Lenders Are Like Banks After All & Add Oversight

We all have stories about that one lousy schmuck who ruined things for the rest of us. The guy who took greedy fists full of candy from the Halloween bowl on the neighbor's porch. The student who hid formulas behind her calculator, which meant that on future math tests, everyone had to remember...Read More»

New York City skyline (by Flickr user AngMoKio)
New York City Wants To Make Car Loans More Transparent & Eliminate Dealer Markups

Earlier today, we reported that the Department of Justice had launched an investigation of U.S. auto lending practices. Specifically, the DOJ is concerned that minority borrowers are being offered loans with higher interest rates than those presented to their white peers. Auto News reports that New...Read More»

Money and car keys
DOJ: Minorities May Have Been Unfairly Targeted With Deceptive Loans

Following the Great Recession, credit dried up, dealing a brutal blow to the auto industry. Lenders tightened up so much that even people boasting fairly good credit scores were offered loans with sky-high interest rates or denied altogether. Half a dozen years down the road, credit restrictions...Read More»

Auto loan
Shopping For A Car Can Put A Dent In Your Credit Score

Today, many Americans have a pretty solid understanding of how credit scores work. Thanks to the internet and the many, many resources it offers, we know what makes scores go down, and we know how to bring them back up again. Among the worst things for your credit score are defaults, late payments...Read More»

2015 Chrysler 200
Chrysler Adds 84-Month Financing, As Other Automakers Tread Carefully

As the price of vehicles pushes upward and household income stagnates, it’s not all that surprising that new-car shoppers are increasingly looking not to traditional 60-month loans, or 72-month ones, but to the longest 84-month loans. According to Experian Automotive, this year the length of...Read More»

Auto loan
The Average Car Loan Is Now 5.5 Years (And Growing)

Back in July, Equifax revealed that Americans have taken out $902.2 billion in car loans -- an all-time high. But the credit company also told us not to worry, because nearly everyone is paying back those loans on time. In fact, the number of loans in delinquency now hovers near record lows. Then...Read More»

Best & worst states for financing a new car (July 2013)
Michigan Offers Cheapest Auto Loans, Rhode Island Is Most Expensive:

Yesterday, we told you how all 50 states rank when it comes to the cost of car ownership. Now, the folks at GoBankingRates.com have published a related set of rankings, based on one of the biggest factors in ownership costs: interest rates on auto loans. The average auto loan rate is the U.S. is...Read More»

2013 Ford F-150 Limited
May 2013 Car Sales: Housing Rebound, Loan Rates Lend Trucks More Muscle

Consider the improving economic indicators and an upswing in home construction; factor in relatively stable, affordable gas prices, that are expected to stay that way through the summer; and altogether, it's no surprise that during May truck sales surged with new market muscle--and that auto sales...Read More»

Car lot
Nearly One-Third Of Car Buyers Opting For 72-Month Loans

Rising auto prices may be a contributing reason why a record number of consumers are going into longer car loans. According to market research by J. D. Power and Associates, nearly one-third (32 percent) of car buyers taking out loans this month opted for 72-month terms. This is up some 30 percent...Read More»

Auto loan
Americans Are Keeping Up On Car Payments Despite Easy Credit

One of the major contributing factors to the Great Recession was the U.S. credit crunch. For years, banks had been loaning money to many people who probably shouldn't have been taking on additional debt. When the economy began tanking, a significant number of those consumers defaulted on their...Read More»

Dealer
Car Customers Hate Haggling More Than Anything

Shopping for a car can be a real pain. But according to a new survey, there's one thing that consumers hate above all else: negotiating the price of their new ride. This isn't entirely surprising. Heck, that hatred led to the creation of an entire auto lineup: Saturn, and its no-hassle, no-haggle...Read More»

Auto loan
Is It Time To Refinance Your Car Loan?

With interest rates hovering near record-lows, plenty of homeowners have chosen to refinance their mortgages. But auto loans can be refinanced, too -- the only problem being that most people don't know it. That wee bit of info comes from a new survey released by CarFinance.com, which makes its...Read More»

2012 Chrysler Town & Country
Chrysler Offers 'No Payments For 90 Days' Summer Promo

Yesterday, we told you about the debut of General Motors' "Chevy Confidence" program, which offers Chevrolet shoppers no-haggle pricing and the opportunity to return their 2012 and 2013 model-year vehicles within 60 days of purchase. Not to be outdone, Chrysler has announced a promotion of its own...Read More»

Auto loan
Car Loans Are Easier To Find: Should We Be Worried?

A big part of the auto industry's troubles during the Great Recession were tied to the credit crunch. After the banks failed, it became much harder for consumers to secure credit, and without credit, many shoppers found themselves unable to finance new or used cars. However, a report from Experian...Read More»

BMW's Ultimate Drive app
BMW Offers $300 Mobile Voucher On New 3 Series…But There’s A Catch

Fancy getting into a new 2012 BMW 3 Series and still want a little extra cash as a motivator? The German automaker is offering a $300 mobile voucher good toward the purchase or lease of a new 3 Series, but only if you’re a current customer of BMW Financial Services. Still, for those who...Read More»

2012 Chevrolet Sonic
Car Sales Surge: Who's Buying & What Are They Getting?

Yesterday, we reported that sales for most automakers hit record levels in March. (Honda was the notable exception, its slipping figures due in part to the underwhelming 2012 Civic.) But who's buying all these cars? And what are they getting for their money? J.D. Power has some ideas. Today's...Read More»

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