Edmunds reports more than one in four Americans who secured an auto loan in the second quarter were underwater on their current vehicle, with a historically high average balance of $6,754. +
Ford has dropped its national “From America, For America” employee discount campaign in favor of a new incentive: zero percent financing for 48 months with zero down and zero due for 90 days. +
The latest quarterly report from Edmunds finds car buyers set new records for $1,000-plus monthly payments, 84-month terms and average amount financed, all on smaller down payments. +
The Federal Reserve maintained its 4.25% to 4.5% target rate for a fourth consecutive meeting, but the board remains committed to making two quarter-point cuts or one half-point cut by year’s end. +
Arra Finance has agreed to acquire Crescent Bank’s automotive division, quadrupling origination volume and adding about 180 employees, $1 billion in assets and $815 million in existing auto loans. +
A $60 million settlement agreed to by Toyota Financial Services following charges of noncompliant F&I product sales has been canceled by the U.S. Consumer Financial Protection Bureau. +
Auto finance AI solutions provider Informed.IQ has partnered with Suncoast Credit Union, providing a “low-lift” integration designed to accelerate funding and enhance dealer satisfaction. +
Lotlinx’s Len Short digs beneath the headlines to review a litany of first quarter auto retail and finance reports and distills them into four key points in his latest contribution to DealerELITE. +
Attorney Tom Oscherwitz warns the auto finance industry not to take its foot off the compliance pedal despite the Trump administration’s systematic dismantling of federal regulatory bodies. +
Southeast Toyota Finance’s Casey Gunnell Jr. will succeed the retired Bill Shope as president while Charles Gruszczynski and Michael Hollis have been promoted to group vice president. +
