Tom Krisher, Ap Auto Writer Updated 3:32 pm PST, Tuesday, February 12, 2019 In this Sunday, Feb. 3, 2019, photograph, a long row of unsold 2019 911 Carrera GTS cabriolets sits at a Porsche dealership in Littleton, Colo. Borrowers are behind in their auto loan payments in numbers not seen since delinquencies peaked at the end of 2010, according to the Federal Reserve Bank of New York. less In this Sunday, Feb. 3, 2019, photograph, a long row of unsold 2019 911 Carrera GTS cabriolets sits at a Porsche dealership in Littleton, Colo. Borrowers are behind in their auto loan payments in numbers not ... more Photo: David Zalubowski, AP Photo: David Zalubowski, AP Image 1 of / 1 Caption Close Image 1 of 1 In this Sunday, Feb. 3, 2019, photograph, a long row of unsold 2019 911 Carrera … [Read more...] about NY Fed: Auto loan delinquencies at highest point since 2010
David Welch, Keith Naughton and Gabrielle Coppola Bloomberg News Published 12:04 AM EST Nov 26, 2018 The zero-percent auto loan is making a comeback, though it’s probably going to last only as long as the holidays. General Motors Co., Ford Motor Co. and Nissan Motor Co. are offering no-interest loans for as many as six years on some of their most popular vehicles, including Chevrolet Silverado and Ford F-150 pickups and the Nissan Rogue SUV. Black Friday and year-end bargains may help keep sales from slipping and clear out 2018 model-year inventory. The zero-percent deals are surprising since it’s become more expensive to offer cut-rating financing as the Federal Reserve has raised interest rates. The share of U.S. vehicle sales financed with zero-percent loans shrank to just 3.8 percent in October, the lowest in more than 11 years, according to market researcher Edmunds. “It’s getting too costly for the automakers, and it just pushes the cost onto the … [Read more...] about Holidays breathe life back into 0% auto loan
Sections SEARCH Skip to content Skip to site index Business Day Subscribe Log In Log In Today’s Paper Advertisement Supported by ByJack Ewing Oct. 26, 2018 President Trump has said he started a trade war to create jobs in America. But foreign carmakers that employ thousands of workers in the United States are gauging whether tariffs, the main weapon in that war, may compel them to shift jobs to, of all places, China. Carmakers’ early hopes that congressional Republicans who favor free trade could restrain Mr. Trump have faded. Instead, manufacturers are girding for a protracted period of conflict that will disrupt supply chains and change the companies’ calculations about where to expand and where to cut back. BMW, the largest exporter of cars from the United States, has already moved some production of its popular X3 sport utility vehicle — once made exclusively in Spartanburg, S.C. — to a factory … [Read more...] about Trump’s Trade War May Create New Auto Jobs. In China.
Riley Griffin, Suborna Panja and Kristina D'Alessio Bloomberg News Published 7:48 PM EDT Oct 17, 2018 While Wall Street and U.S. President Donald Trump tout news of a booming stock market and low unemployment, college students may be quick to roll their eyes. The improved economy has yet to mean higher wages for graduates already struggling to pay down massive debt, let alone ease the minds of students staring down the barrel of six-digit loan obligations yet to come. Federal student loans are the only consumer debt segment with continuous cumulative growth since the Great Recession. As the cost of tuition and borrowing continue to rise, the result is a widening default crisis that even Fed Chairman Jerome Powell labeled as a cause for concern. Student loans have seen almost 157 percent in cumulative growth over the last 11 years. By comparison, auto loan debt has grown 52 percent while mortgage and credit card debt actually fell by about 1 percent, according to a Bloomberg … [Read more...] about The student loan debt crisis is about to get worse
The Federal Reserve bumped up its most important interest rate another 0.25 percentage on Wednesday to 2.00%, its seventh rate hike since late 2015, after the central bank kept its target federal funds rate at zero or near zero in the years following the financial crisis. MagnifyMoney analyzed Fed rate data to see how the rates consumers pay for loans and earn on deposits have changed since the Fed started raising them. In short, we find Fed rate changes have wide-ranging implications for consumers. Credit card borrowers are paying $110 billion in interest annually, up $31 billion from the annual $79 billion they paid prior to the first Fed rate hike in December 2015, making introductory 0% APR deals all the more attractive for some borrowers. Meanwhile, depositors earned significantly more from savings accounts. In the 12 months ending in June 2018, depositors earned $26.8 billion in interest on their savings accounts, up $16.8 billion from the $10 billion they earned in … [Read more...] about Fed rate hike: Here’s how much it hits credit cards, loans, savings accounts