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Ally Offers 84-Month Terms in Four Northeast States

The 84-month payment option is now available to eligible customers in Maryland, New Hampshire, Pennsylvania and Washington, D.C.

by Staff
January 8, 2013
1 min to read


MIDVALE, Utah — This week, Ally Financial made available 84-month terms on auto loans originated in the states of Maryland, New Hampshire, Pennsylvania and Washington, D.C.

The new offer, said company spokesperson Sue Mallino, was made available on Jan. 7 to meet demand. She added that similar offers were made available in select markets last year.

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“We do recognize that some consumers are recognizing a need for the [7-year term],” Mallino said.

Melinda Zabritski, Experian Automotive’s director of marketing and a regular contributor to F&I and Showroom magazine, said the share of 84-month term loans continues to grow across all lending segments. “It’s definitely a term category that is on the rise,” she said.

The research firm’s data for the third quarter 2012 showed that loans with 73- to 84-month terms accounted for 16.4 and 9.8 percent of new- and used-vehicle loans, respectively. In 2011, the 73-to 84-month term segment accounted for 12.9 and 8.1 percent of new- and used-vehicle loans, respectively.

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