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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.

It is important to remember that when companies offer much lower interest rates on their car loans, those offers usually go to those with good to excellent credit. Auto loans, as do home loans, boat loans, etc. determine their interest rate on your performance credit wise.If you have bad or poor credit, you will ultimately be looking at a higher interest rate on your car loan, as well as the others. That is if you even qualify for a car loan. It is very important to know what your credit score is, and how it will impact you when you go for an auto loan, or any other type of lending situation.CreditLearningCenter.com has launched a site that will give pretty much all of the information that one would need when determining how their credit score might look or impact them before they go for that car loan. They can go to the company’s Credit Report Center locate.This site will give consumers the tools they need to understand their credit score, and manage their personal credit. They will know how to get their free copy of their credit score, as well as a free credit report. It is important to know these things, because you could be a victim of identity theft and not know it, or have blemishes on your credit that should not be there, and then you go for a car loan and either get a higher interest rate or get turned down, and you won’t know why.

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.

With the advent of rising EMI’s, the auto loan industry has seen a drastic drop in the number of car loans that have been taken out over recent months. Car buyers are being forced to postpone their decision of purchasing a car, as they just cannot afford the rates.
Many car buyers are skipping the auto loan process altogether and simply paying cash for the car they wanted, or paying cash and settling for a smaller car. ICICI Bank is one of those banks who is fully aware of the situation.ICICI is the king of the car loan segment and between them and HDFC they hold more than 60% of the car loan market share. Other big companies feeling the pinch are Tata Motors, Maruti Finance, and Kotak Mahindra. ICICI has recently done more than Rs 150 in car loans, is heading the pack  but there really isn’t much business out there.There has been some shift towards nationalized banks such as State Bank of India and State Bank of Patiala, because they have lower interest rates than some of the others. That small amount of difference will make a big difference over the life of the car loan. Because there have been quite a few delinquencies, the car loan industry is walking on eggshells when it comes to issuing loans, but they know that they have to keep pushing forward or they won’t survive.

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.

According to J.D. Power Asia Pacific Reports, BMW Japan Finance has just been listed as Highest in Dealer Satisfaction with Automotive Financing in Japan, whereas Volkswagen Financial Services Japan won among client satisfaction. The 2007 study was released last week, and the study says that they are auto loan top dog.Each year the study evaluates how the public see the various companies that they interact with when they purchase a new car. They see how the companies react with their clients, how their sales staff works together, and what sort of credit products they offer new car buyers. The study has been on for four years, and is considered one of the best indications in the industry of how car buying trends will go.They found that auto loan clients liked Volkswagen best, with Mitsubishi and Subaru coming in behind them. Dealers liked BMW Japan the best, with Toyota and Mitsubishi coming in behind them in that order. Mitsubishi fared much better this year from last year, simply because they had a great increase from last year of 69 points.The study is based on data that they compile from responses from financial service users who purchased a new car, during the first six months of last year, and dealers from July to October of last year. Each dealership had to evaluate a max of three auto loan providers.

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.