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Interest rates will continue climb, eating into inventory improvements’ effect.
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The average payment climbed to $717 in the fourth quarter of 2022, which is 50% higher than in 2010, according to Edmunds.
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Report shows car loan amounts, down payments rising along with interest rates.
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Agency alleged that 8 dealerships charged illegal junk fees, discriminated against black buyers.
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Fed announces fourth consecutive ‘jumbo’ increase in effort to slow inflation.
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CEO acknowledges that greater market woes may be on the horizon.
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As auto loans and credit apps rise, it appears Americans are more willing to take on debt.
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TransUnion study finds borrowers used auto loan deferments as a safety net during the COVID-19 crisis.
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With September in the books, Edmunds reported this week that interest rates have stayed above 5% for eight months in a row and now mirror levels not seen since before the Great Recession.
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Two years ago, zero percent finance deals accounted for 14.6% of transactions. Last month, they only accounted for 7.4%. Edmunds analysts point to higher interest rates as one of the reasons for the scarcity in zero percent finance deals in August.
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