There are more used vehicles up for sale and incentives for buyers are escalating. That means lower prices for the foreseeable future, experts say. A big factor that will fuel…
Uber, the San Francisco-based ride-hailing giant, has agreed to pay $20 million to resolve Federal Trade Commission charges that it misled prospective drivers about potential earnings, the FTC said.
“The 90-plus day delinquency rate for auto finance company loans worsened by a full percentage point over the past four quarters.”
In select U.S. states, Chase Auto Direct will allow customers to configure their preferred options for a new or used car, find matching vehicles online, and get approved for their loan — all through Chase.com.
The majority of auto-title loan business comes from borrowers who end up taking out seven or more consecutive loans — and get stuck in a cycle of debt for most of the year.
The annualized rate, seasonally adjusted, fell to 16.6 million in March, the lowest in 13 months.
The average amount financed for a new vehicle in the fourth quarter of 2015 was $29,551, up $1,170 from one year earlier.
U.S. auto loan balances surged 11.5 percent to reach $987 billion in the fourth quarter of 2015.
The CFPB said its investigation found that the companies inaccurately reported information for more than 84,000 accounts on a “widespread and systemic basis.”
In one way or another, sooner or later, the Fed’s rate hike, although only a quarter of a percent for now, will affect most U.S. consumers who borrow money.