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When EMI�s Rise, Auto Loans Decrease

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.

Posted in banking finance, car finance used, car finance loan, auto car finance max, auto chase finance, auto capital finance, loan, bank loan, car title loan, car finance, auto loan | Comments(0) September 2007

BMW Takes Auto Loan Lead

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.

Posted in car finance used, car finance loan, auto fargo finance well, auto car finance max, auto chase finance, auto capital finance, loan, car loan calculator, car title loan, car finance, auto loan | Comments(0) September 2007

Quantum Auto Loans

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.

Posted in car finance used, auto calculator finance, car finance loan, auto fargo finance well, auto car finance max, auto chase finance, auto capital finance, auto loan calculator, loan, car loan calculator, car title loan, car finance, auto loan | Comments(0) September 2007

Hawaii Credit Unions See Car Loan Increase

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.

Posted in auto calculator finance, auto chase finance, car finance used, car finance loan, auto car finance max, auto fargo finance well, auto capital finance, car finance, loan calculator, loan, auto loan calculator, loan rate, car title loan, car loan calculator, auto loan | Comments(0) September 2007

Subprime Auto Loans Outstanding

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.

Car Loans in Trouble

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.

Car Loan Rates Intimidate New Car Buyers

With car loan rates hitting around 17%, many new car buyers have chosen not to purchase new cars for fear of paying those high interest rates. You can see the impact it is having on the car loan and car sales industry, as their numbers in both industries have been steadily dropping. They still have people coming in to look at cars, but once they get their car loan paperwork they leave without signing as they do not want to pay those rates.They have seen an increase in the number of cash sales over the past two months, but a decrease in car loans. The problem is that most people cannot afford to purchase a car with cash, so the auto industry is seeing a decline in overall purchases. With interest rates running 17% over the last few weeks, and the fact that they have been running at 16% for 24 months and 15% for 36 months, the new car loan numbers have been dropping. They say it is in relation to the interest rates for retail segments which have been increasing as well.Just this week, ICICI Bank has cut its car loan rate at 50 basis points to try and bring in more auto loan business. They say that since customers are aware that auto loan rates were lower just months ago, many are planning on waiting to see if they drop again before they buy.Some car manufacturers and dealers have been trying to offer discounts to customers as well, in an attempt to increase business, and many think that in the long run that will go a long way to increasing car loan business. They say that around the end of March and beginning of April their business starts to pick up as well, so this is a normal slump; it just happens to be lower than usual.

Auto Loan Racket

A fake auto loan racket that went by the name of Auto City Link Rent A Car is now out of business. The Navi Mumbai Police busted the fake auto loan racket on Saturday, and discovered that it was being run by five gang members. The auto loan racket was operating from the APMC market in Vashi000 since July of last year, and between all of the banks, financial institutions, and investors that were duped they took more than Rs 80 lakh.More than 225 people have been scammed by these men, with victims located in both Mumbai and Navi Mumbai. When police busted up the scam, they seized two motorcycles, four laptop computers, four desktop computers, a Tata Indica car, a credit card machine with Rs 8,56,665 and car loan documents worth Rs 80,28,948. The way the auto loan racket worked is that they asked the victims to invest in a car, and told them that they would get them a car loan from a reputable bank. They told them that the auto loan would have an interest rate of 2-5% per month. They then showed the banks falsified documents like ration cards, driver’s licenses, etc. to get car loans from the banks. They showed each customer and each bank the same car. They then took the money that they got from the car loan and fled. They took both the amount that the customers had paid, plus the car loan amount that the bank had given them. Surprisingly enough, no one has yet filed a complaint against the company, and the police are very surprised by that.

Posted in auto chase finance, auto capital finance, auto calculator finance, car finance used, auto car finance max, car finance loan, car finance, car title loan, loan calculator, loan, auto loan calculator, loan rate, car loan calculator, auto loan | Comments(0) September 2007

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