A handful of automakers' finance arms allow those affected by the U.S. government shutdown to defer payments they're making on their cars. Toyota announced its program for federal employees on Jan. 2. Drivers who purchased or leased their vehicle through Toyota Financial Services or Lexus Financial...Read More»
If you’ve been counting on a zero percent interest rate to help finance your next new car, it may be time to lock in the deal before it’s too late. According to a report by Automotive News, rising benchmark rates from the Federal Reserve and a drop in customer adoption may cause...Read More»
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»
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»
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»
If you're just getting in the market for a new car, one of the first things you should consider—along with what kind of car you want, and what you can afford—is whether you should finance or pay cash. While more than 90 percent of car buyers finance their new vehicle in some form...Read More»
When General Motors sold off control of GMAC, it lost more than its in-house financing arm. It lost the ability to offer loans to a broad range of consumers, particularly subprime borrowers. As a result, GM also lost market share. Now, the automaker is chatting up two major Wall Street players --...Read More»
The rumors were true: Ford Motor Company has just published financials from the third quarter of 2009, and without being overly optimistic, it's fair to say that the data is moderately rosy. Among several bright spots in the report, one that seems particularly impressive is that July - September of...Read More»
When Westerners think of Sharia -- the strict code of Islamic law -- we tend to think of...unpleasantness. Stonings, beheadings: that sort of thing. However, Sharia also covers financial issues, including lending practices. Specifically, Sharia prohibits the charging of interest on loans. That's...Read More»
With the recent restructuring of Chrysler and General Motors, there's been a lot of focus on auto dealers -- particularly those who were axed from the two companies' networks. Considerable time and energy on Capitol Hill has been dedicated to protecting dealers during the bankruptcy process, but...Read More»
The concept of making payments by mobile phone is not a new one. For years, articles and ads have heralded a bright, shiny future wherein we'll all be able to purchase soft drinks, gas, and other things with a wave of our phones instead of that "other plastic" (i.e. the trusty credit card)...Read More»
Although cars remain at near record levels of affordability, new-car buyers turned to more expensive vehicles this past quarter. That's according to Comerica Bank's latest Auto Affordability Index, which looks at the number of weeks of family income needed to buy a new car. Overall in the second...Read More»
Say what you will about the shouting going on at Tesla these days, but there's no denying that the company's Tesla Roadster is a beaut. Only problem is, with its $100,000+ price tag, the Roadster costs more than some folks' homes are worth. Luckily, Tesla has just announced that Bank of America...Read More»
