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* USA - Finance Companies Moving Toward 84-Month Auto Loans
Industry relying more on long loans to reduce monthly payments in soft new-vehicle market
USA -Automotive News -December 10, 2007: -- Automakers offering lower incentives; interest rates up from record lows... Even as number of monthly payments rises, consumers paying more each month. Average monthly payment of new vehicle financed by Detroit captive $500+ in 7 of 1st 9 months of 2007... Combination driving more buyers into loan delinquency. Sending some consumers downmarket and keeping other consumers out of market... Nearly 4% of new-vehicle loans today financed thru franchised dealers 84 months or more ... Some dealers recommend leases rather than longer loans... About 18 - 20% of new vehicles now leased, compared w/ about 14 - 15% 2 years ago...
Labels: financing autos
posted by Unknown @ 6:04 AM
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