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1 week ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam National average loan rates for new and used vehicles continued to decline in June even as the federal benchmark remained steady. The national average interest rate on a 60-month loan for used cars was 7.74% as of June 17, down 32 basis points (bps) compared with June 7, 2024, according to the latest data provided [...]
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1 week ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam EV shoppers may see fewer incentives after legislation was introduced to revoke the federal credit. The Republican Senate Committee on Finance's version of the House tax reconciliation bill introduced June 16 would end the clean vehicle tax credit for new EV purchases 180 days after it is signed into law. The bill would end tax [...]
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1 week ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam Used-vehicle inventory dropped headed into June as more consumers bought out their leases and sales remained steady. Inventory was flat year over year as of June 2 but dropped 0.5% month over month to 2.2 million units, according to vAuto data. "There's just fewer cars coming back" into the used market, Jeremy Robb, senior director of [...]
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1 week ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam Consumers are buying out their leases amid higher car prices and inflated used-vehicle values. Off-lease purchasing at credit unions has averaged over 20% during the past year, according to Credit Union Leasing of America (CULA) data provided to Auto Finance News. By comparison, CULA membership typically sees off-lease purchasing average around 15%. In Q1, off-lease [...]
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2 weeks ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam California auto dealers may soon be able to increase their below-market document processing fee for applications, thus raising vehicle costs for consumers. Under Senate Bill 791 passed by the California State Senate, dealers will be able to increase document processing fees to up to 1% of the total vehicle price or a maximum of $500. [...]
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2 weeks ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam Credit access improved in May as consumer demand remained inflated and the pre-tariff vehicle procurement frenzy continued. The Dealertrack Credit Availability Index rose 2% year over year and 1.3% month over month to 96.7, according to Cox Automotive's June 10 release. Approval rates for auto loans rose 28 basis points (bps) MoM. Dealertrack Credit Availability [...]
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2 weeks ago | 
bankautomationnews.com | Truth Headlam
has implemented request for payments technology and instant payments capabilities for down payments on vehicle purchases, allowing consumers to obtain their vehicle faster. The online used-car dealership has integrated financial services provider 's RFP technology, which leverages The Clearing House 's real-time payment (RTP) network to streamline the consumer-to-business payment process.
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2 weeks ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam Carvana has implemented request for payments technology and instant payments capabilities for down payments on vehicle purchases, allowing consumers to obtain their vehicle faster. The online used-car dealership has integrated financial services provider Plaid's RFP technology, which leverages The Clearing House's real-time payment (RTP) network to streamline the consumer-to-business payment process. The payments feature, [...]
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2 weeks ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam Credit unions are seeing an uptick in leasing activity this year as consumers continue to grapple with affordability. Leasing volume at credit unions is up. Credit Union Leasing of America (CULA)'s originations increased 56.3% year over year for funding supplied from January through May, according to data provided to Auto Finance News. San Diego-based CULA [...]
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2 weeks ago | 
autofinancenews.net | Truth Headlam
By Truth Headlam May sales were mixed across the major auto manufacturers as overall new-vehicle retail sales declined following a vehicle-purchasing frenzy in April triggered by President Donald Trump's tariffs. Cox Automotive estimates that May's seasonally adjusted annualized rate increased 2.5% year over year to 15.6 million, according to data released June 6. In the Federal [...]
