Experian analysts say sales of full-size trucks, vans and sports cars pushed $1,000 monthly payments to nearly 19% of all auto loans in the first quarter. +
Average amounts financed, monthly payments and repayment terms all grew on a year-over-year basis in the first quarter, putting auto finance on shaky ground. +
Industry veteran Robert Steenbergh believes that, as vehicle affordability continues to erode and financing terms push into uncharted territory, biweekly payment servicing is quietly evolving into a meaningful reinsurance premium. +
Record numbers of new and used vehicle buyers committed to a monthly payment of $1,000 or more in the fourth quarter, but interest rates ticked down for both groups. +
NADA analysts say waning demand and affordability issues are depressing sales team earnings, Nevada leads the nation in average payroll and bigger dealers continue to gain market share. +
Edmunds’s Q3 auto finance report shows the average down payment for a new vehicle fell to $6,020 while $1,000-plus monthly payments, loan terms and interest rates remain high. +
Experian’s Q2 auto finance report shows stability in loan amounts, monthly payments and delinquencies, belying a fight for auto finance market share that banks are now winning. +
The latest quarterly report from Edmunds finds car buyers set new records for $1,000-plus monthly payments, 84-month terms and average amount financed, all on smaller down payments. +
Experian reports the average amount financed for a new vehicle purchase in Q1 was $41,720, with an average monthly payment of $745, up from $40,610 and $737 in the prior-year quarter. +
Edmunds reports the U.S. auto finance market demonstrated stability in the face of uncertainty in February, with modest increases in loan cost, amounts financed, payments and terms. +
