“The typical consumer does not understand what a BEACON score is or know that fewer than 20% of consumers have a BEACON score of 800 or higher.
Auto loan balances increased for the 18th straight quarter, this time by $39 billion, and stand at $1.05 trillion as of the end of September.
Low interest rates, cheap gas and strong car sales have pushed auto loan balances over $1 trillion for the first time.
Americans’ credit balances — not including mortgages and equity lines of credit — jumped by $28.91 billion in September, or 10 percent at an annualized rate, and that’s much more than Wall Street was forecasting.
Drivers of these vehicles should continue using them as normal, the EPA said, as authorities and the carmaker work out the details and inform the registered owners.
“We are entering a new era of vehicle safety, focused on preventing crashes from ever occurring, rather than just protecting occupants when crashes happen.”
The entry of Sam’s Club and Costco into the car-buying market is a result of growing demand among consumers for the best price on a vehicle without having to haggle with dealers.
Relatively cheaper gas is helping fuel higher sales of SUVs and trucks nationwide, as the U.S. auto industry seems impervious to stock market turmoil and stagnant wages with a robust August in the books.
The average monthly payment for a new vehicle in the second quarter of 2015 was $483, while the used was $361 — widening the gap between the two to $122.
The best news: Foreclosures hit their lowest point in the 16-year history of the New York Fed’s tracking of consumer credit.