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General Motors Corp.’s top finance executive said Sunday he doesn’t see the subprime mortgage mess spreading into auto loans at the company’s former credit arm, GMAC financial services. Chief Financial Officer Fritz Henderson said that although GMAC auto loan delinquencies were up slightly in the third quarter compared with the same time in 2006, the problems are nowhere near the troubles due to real estate loans made to people with less-than-stellar credit.

GMAC’s auto loan delinquencies rose from 2.4 percent in the third quarter of 2006 to 2.6 percent in the same period of 2007, Henderson said. “Yes they’ve ticked up, but viewed in any sort of historical way, they were still at quite acceptable levels,” Henderson said in an interview at the North American International Auto Show in Detroit.” I think it’s more sort of normal credit behavior over the course of a cycle than what we’ve seen in housing, for example,” Henderson said. “But we’ll all have to stay tuned.” GMAC formerly was controlled by GM. Cerberus Capital Management LP and other private-equity firms bought a 51 percent stake in GMAC in November 2006, before weakness in the mortgage industry became widely known. GMAC in November posted a $1.6 billion loss for the third quarter.

It included a $2.3 billion loss at ResCap, its mortgage arm, which offset profits elsewhere. GMAC has more than $100 billion in its auto loan portfolio worldwide, so the loans “are something we need to watch, but not at all like what we’ve seen in mortgages,” Henderson said.

Alliance & Leicester have slashed their personal loan rate by more than half a per cent - making it one of the lowest rates on the market.Consumers can now get a loan for 5.8 per cent throughout October - on loans of £5,000 to £15,000.Andy Bayes, head of personal loans at the bank, commented: “This rate reduction means our rate is among the most competitive deals available in the UK and makes our loans even more competitive compared to the big High Street banks. “However, these rates are available for a limited period only, so borrowers will have to be quick to benefit from our lowest ever rate,” he added.Alliance & Leicester offers customers two loan options - a loan for whatever purchase you have in mind and a Car Purchase Plan which is a deferred payment loan.

M&T Bank Corp. is fully aware that the auto industry is not selling the cars that it used to. The bank has seen its own assets decline as they are not writing the auto loans that they are used to writing. The economy and interest rates have people not wanting to get auto loans, and it is a trickle down effect.The bank reporting 13% less in sales for their auto loans in their first quarter, and although they still had a net income of $176 million  last year for the same time period it was $203 million. They had a rise in car loan losses as well as non-performing auto loans.The company released a statement saying that because there are less automobiles being sold, there are less auto loans out there to be had. They say that the lack of auto loans is adding to their deteriorating financial results and that it has been difficult for them to earn more money. Non-performing auto loans were $273 million, up from $143 million last year. In fact, they had a total of $224 million non-performing loans at the end of last year, so they have already surpassed the number of non-performing auto loans for the previous year. The company also said that the majority of their non-performing auto loans came from two commercial relationships, which ended up totaling $40 million. Without this, they would have been looking at only $233 million in losses.

The makers of the Buick Enclave are already announcing that it will be debuting with a $1,000 rebate, and those in the market for a new car are already sitting up to take notice. Automotive News reports that the vehicle is being presented with the rebate to make car buyers even happier with their purchase. The Buick Enclave is not even on dealer lots yet, and the fact that they are offering discounts before they are even offering the car, shows how bad the car loan industry has gotten. It is getting tougher and tougher out there for auto loan specialists to close the deals when the interest rates are so high.Buick is not the only one offering rebates either, there are many cars being released with rebates in hopes to entice car buyers to get an auto loan, or even just to purchase a car. The Ford Escape and Mercury Mariner are both coming out with $500 rebates, as well as lower interest rates on car loans.The Escape and the Mariner join Ford F-Series Super Duty Pickups in getting 3.9 to 7.9% interest on their car loans. The Enclave is not only offering the large discount, but it is also offering 4.9 to 7.9% interest on their car loans. The Land Rover is giving 4.9% and the Mitsubishi Lancer is offering 3.9 to 5.9% on their car loans.

TechnoMetrica Market Intelligence has issued a new study that says besides the hype that has been saying that people are not taking out new car loans due to interest rates, that is actually not true. They have found that there is actually quite a bit of car loan business out there, they just have to make their customers happy.According to the study, auto loans are still increasing, and handling the influx of interest rates has not changed that at all. The study claims that auto loans are still running at around 9 billion car loans a year. They also found that the majority of consumers who bought a car within the last two years used an auto loan to finance it.The study reports that 60% of all purchases were made with auto loans, but that their clients are the ones not feeling happy. Auto loan consumers say that they are not informed enough about the process, and want to see more of it  they want the loan process open and transparent. The study says that consumers feel generally informed about car loans, but that they want more information so that they are sure that they are getting the best deal possible. They suggest that if automakers and the car loan industry put their heads together, they could come up with ways of making the 31% that feel well informed by the car loan process increase.

With interest rates being what they are, and have been for the past few months, it is no wonder that car sales and car loans have dropped drastically. In the past three months car buyers have seen interest rates on car loans go from 13% to 16%. No one wants to purchase a car if they are looking at those kinds of rates.However, Pralay Mondal, head of HDFC Bank’s Retail Assets and Credit Cards, says that things are about to get much better for the car loan industry. Mondal thinks that the industry is going to start offering car loan deals for clients to try and increase business. He says that car loans are going to start looking very attractive for people because they need to start drumming up business.
He says that rack rates are probably going to stay where they are for at least another two years. Plus, he points out that not all car loans are at the higher rates, some will be at the lower ones  depending on your credit history. But more importantly, the auto loan industry and the auto manufacturing industry are in this together because one needs the other. Mondal thinks that the car manufacturers are going to start reducing the cost of the car loan, offering rates as low as 8.99%. They need the car sales, so more and more of these loans are going to be seen. Mondal says that with the car buying and car loans starting to increase, that the manufacturers will be able to absorb the interest rate burden.

Quantum Auto Group has partnered with The Credit Union Loan Source, LLC to offer auto loans. They are planning on taking over the Eastern Seaboard with their credit union car loans. This way all indirect auto loans that are originated by Quantum will be available to credit unions along the coast. This union will allow credit union service organizations and credit unions access to auto loans across state lines, which gives them an in to the car loan industry that they never had before. Quantum has brought in almost $500 million in auto loans over the past three years, and has assisted many financial organizations with those auto loans. Quantum gets the auto loans from the dealerships and then sells them to financial organizations. They have 1,000 dealerships in their organization right now, so with this deal they will be able to provide the car loans to the credit unions. This is the first time they have done business with credit unions, but they are excited about the opportunity to do so. The credit unions will now have the ability to substantially grow their auto loan portfolio, and as well as grow their indirect loan volume. The loan origination possibilities are endless for both companies. Quantum Auto also has direct access to auto loans, and auto loan refinance program capabilities.

Across the country, credit unions have been seeing an increase in the number of car loans, as more and more people have been exercising their option to not take the car loan through the dealership. We have reported before about the fact that many consumers are looking to get better auto loan terms, and thus are going to their local credit union for an auto loan or a personal loan  which they then use to pay for their car.Now Hawaii is reporting that their credit unions have seen an increase in loans as well. Their banks have seen an increase in loans of 7% over the last year, but credit unions have seen an overall loan increase of 8.8% to total $3.4 billion in loans. They are taking a much larger chunk of business from the state’s larger banks, a trend that has been seen across the nation.
Mortgages have grown 10.7% since last year, to a total of $1.7 billion. The auto loan industry has grown as well, with car loans increasing 6% for a total of $1.1 billion.
The Hawaii Credit Union League has reported that their portfolio is really made up of mortgages and auto loans, and that is where they are seeing massive increases. There are 96 credit unions across the state and they are seeing more and more people looking to get their loans through them instead of the more predominant banks.

With all of the problems of sub-prime mortgage loans, it was only a matter of time before it would start to affect the auto loan industry. Well, that day has arrived, as sub-prime auto loans have just started feeling the pinch that the mortgage loan industry has been feeling for a long time now.The number of sub-prime truck and auto loans alone total more than $34 billion outstanding. This does not include the hundreds of billions in auto loans that were made to creditors with bad to worse credit histories.Many blame it on the political and economic climate, citing sources that show that the US is now ranked number seven for technology, and much of that is due to our economic and political problems that we have been having. They say that the more other industries are affected, and the fact that the US is looking at a loss of some 40 million jobs over the next two years due to globalization, that the number of sub-prime mortgage and auto loans that fall into delinquency will continue to increase.Experts say that it could be the fact that the US currently has nine trillion in federal debt, and an $800 billion trade deficit, and the fact that many people keep calling for a recession  all of these things will factor in to where interest rates will fall. But for now, the industries that are feeling it the most are the auto loan and mortgage industries, and many feel that they are simply the tip of the iceberg.

The number of late payments on home loans has been steadily increasing, but now car loan payments have started dropping as well. Credit card payments are the only late payments that have not seen a major increase. The percentage of late payments on home loans has increased 1.92% for the final quarter of last year. A late payment is defined by any payment that is 30 or more days past its original due date. The American Banker’s Association reports that indirect auto loans late payments have gone up 2.57% in the fourth quarter, which is the highest they have been since the recession of 2001. Indirect auto loans are those that are obtained from a dealership.Other car loans� late payments have increased somewhat as well, but not nearly as much as the ones obtained through dealerships. Experts say that this could be because the banks might use more stringent rules and restrictions than those used by auto dealerships, especially since the dealerships are trying to get rid of a car.They say that auto dealerships will keep trying financer after financer to obtain a car loan for their customer, whereas a bank will know right away whether or not they are going to accept a car loan from a certain customer. They say that there is a good chance that as banks don’t have as much to lose as the dealerships that they might be more in a position to be pickier about their customers.