Federal Funds Rate Cut - What Does It Mean? Oct 30, 2008
IT'S NOT ALL GOOD NEWS THOUGH - IF YOU'RE IN THE MARKET TO BUY A CAR THAN THIS ISN'T REALLY GOING TO CHANGE THINGS FOR YOU. THE INTEREST RATES YOU GET IN AN AUTO LOAN ARE TIED DIRECTLY TO YOUR CREDIT SCORE.. NORMALLY, A RATE CUT WOULD HELP OUT HERE, BUT THERE'S BEEN SO MUCH TURMOIL IN THE CREDIT MARKETS LATELY THAT THIS PROBABLY WON'T MAKE A HUGE DENT. AND IF YOUR MONEY IS TIED UP IN ONE OR MORE CERTIFICATES OF DEPOSIT, OR Cds THAT ARE TIED TO THE PRIME RATE. (WTKR.com, VA)
Tightened credit terms could hurt credit scores Oct 30, 2008
Such actions could hurt your credit score and, in turn, your ability to get an auto loan, mortgage or even another credit card. So heading into the holiday shopping season, make sure you're aware of any changes to your credit card terms. (AZCentral -- Business)
T-bill demand rises, interbank lending rates slip Oct 30, 2008
Been turned down for an auto loan ... The already slumping auto industry has been suffering particularly hard as consumers have more trouble getting auto loans and dealers have problems financing their inventories. (San Diego Union-Tribune -- Business)
GMAC stops lending in 7 European countries Oct 29, 2008
Been turned down for an auto loan ... DETROIT GMAC Financial Services said Tuesday it will no longer make auto loans in seven European countries, citing troubles in the lending industry that have forced it to adjust its operations. (San Diego Union-Tribune -- Business)
Southside Bancshares, Inc. Announces Record Earnings for the Three and Nine Months Ended September 30, 2008 Oct 28, 2008
"2008 has been a year marked by several historic economic events. At Southside, as we evaluate the financial landscape, our posture is best described as both cautious and constructive. We firmly believe in the long- term financial success of our great nation. Just as we believe today's decisions will pave the way for Southside's future success we believe the same is true for the United States. Loan and Deposit Growth For the three months ended September 30, 2008, total loans increased by $9.1... (PR Newswire)
First BanCorp Reports Earnings for the Quarter Ended September 30, 2008 Oct 28, 2008
This increase was driven by the growth in internal originations, in particular commercial and residential real estate loans, and to a lesser extent purchases of loans including the acquisition of a $218 million auto loan portfolio during the third quarter of 2008 which contributed to a wider spread ... Also, the increase in average earning assets is associated with the growth of the loan portfolio mainly driven by the $218 million auto loan portfolio acquired from Chrysler Financial Services... (PR Newswire)
Economy takes top spot in campaign Oct 27, 2008
In recent weeks, major U.S. investment banks have failed, sending shockwaves throughout complex global financial markets while also disrupting credit markets and once-simple tasks, such as getting an auto loan. Thousands of jobs have been lost or hang in the balance as banks, real estate firms, automakers and other companies watch their stock prices spiral down. (AL.com)
Mich. lawmakers want U.S. help to free up auto loans Oct 24, 2008
lawmakers want U.S. help to free up auto loans ... Been turned down for an auto loan ... lawmakers want U.S. help to free up auto loans. (San Diego Union-Tribune -- Business)
U.S. banks mine data and pitch to troubled borrowers Oct 22, 2008
For months after she emerged from insolvency last fall, 6 to 10 new credit card and auto loan offers arrived every week that specifically mentioned her bankruptcy and, despite her poor credit history, dangled a range of seemingly too-good-to-be-true financing options. "Good news! You are approved for both Visa and MasterCard that's right, 2 platinum credit cards!" read one buoyant letter sent this spring to Jerez, offering a $10,000 credit limit if only she returned a $35 processing fee with her... (International Herald Tribune)
Seven Common Credit Myths Dispelled Oct 22, 2008
If you have a credit card, home or auto loan, or make other monthly payments, details of your payment track record on these are likely being reported by those parties. For more details about credit myths, visit TrueCredit. (Canton Daily Ledger, IL)
The 'arb' game is over Oct 21, 2008
Spreads on benchmark credit card and auto loan asset-backed securities (ABS) were said to have widened between 100 and 125 basis points last week to record levels. Junk bond premiums (Standard &Poor's) have surged from 380 to 830 basis points. (Asia Times Online)
One day doesn't make a trend Oct 21, 2008
One day doesn't make a trend - International Herald Tribune. One day doesn't make a trend. (International Herald Tribune -- Business)
Toyota's Presence Growing in U.S. Auto Loan Market Oct 21, 2008
is seeing its presence grow in the U.S. automobile loan market, it was learned Tuesday (JCN Network, Japan)
Credit unions faring better than banks Oct 20, 2008
Altier was hammered by its indirect auto loan portfolio acquired through Arizona dealerships, which accounts for about 50 percent of its business. The economy is impacting the value of used vehicles and the ability to sell them, said Altier CEO Harry Mateer. (Phoenix Business Journal, AZ)
Economists: Credit crunch could drag well into '09 Oct 20, 2008
Been turned down for an auto loan ... In other words, unless borrowers have a sterling credit record, it will be hard for them to get low-interest mortgages, auto loans, credit cards or student loans. (San Diego Union-Tribune)
Car sales slow, but still flow Oct 18, 2008
"[September] was sort of supernatural."Money mattersArea dealers say the biggest problem is that people are just staying away from their showrooms, partly because they are scared that they won't be approved for an auto loan. But shoppers also are reluctant to buy big-ticket items with the stock market declining, prices for lots of products rising and employers cutting jobs. (News & Observer)
Markets get addicted to bailouts Oct 17, 2008
There are similarly compelling arguments for an increase in credit card, auto loan and corporate loan defaults. In short, it's great that the governments are standing behind the banks, but neither the bailout nor the market falls will stop here. (International Herald Tribune)
GM launches campaign to tell buyers they can still get loans Oct 17, 2008
GMAC said Monday it would only make auto loans to people with credit scores of 700 or above ... "I think the industry has been so paralyzed by the mistaken impression by the public that they can't get an auto loan that they have to go to pretty drastic measures to counter that," said Jack Nerad, executive market analyst for Kelley Blue Book ... GMAC appears to be abandoning dealers and getting out of the auto loan business altogether, said John Clark, president of Avenue Chevrolet in Batavia,... (USA Today -- Autos)
Credit woes plaguing regional banks Oct 17, 2008
Been turned down for an auto loan ... The Columbus, Ohio-based bank said it experienced significant pressure in its auto loan and lease, home equity and residential mortgage portfolios. (San Diego Union-Tribune -- Business)
GM Campaign Tells Buyers They Can Still Get Loans Oct 16, 2008
GMAC said Monday it would only make auto loans to people with credit scores of 700 or above ... "I think the industry has been so paralyzed by the mistaken impression by the public that they can't get an auto loan that they have to go to pretty drastic measures to counter that," said Jack Nerad, executive market analyst for Kelley Blue Book. (ABC News -- Wire)
Local auto dealers come to terms Oct 15, 2008
As if the slow economy was not enough, local auto dealers say they are fighting the perception that auto loans have dried up in the banking crisis ... One area of auto financing that has tightened up is the subprime auto loan market for buyers with less than stellar credit ratings ... And lenders are more restrictive about allowing buyers who have not finished paying off a previous auto loan to tack that full amount on to a new auto loan, Burkhart said. (Florida Today)
Spanish bank may buy Sovereign Bancorp Oct 13, 2008
Sovereign has also been hit hard by a large auto loan portfolio and big holdings of Fannie Mae and Freddie Mac preferred stock, which were effectively wiped out when the government placed the companies in receivership. As a result, it has sharply pulled back from making new loans. (International Herald Tribune)
UT Financial Services presents buses to GPRTU Oct 13, 2008
Speaking at the ceremony, Captain Budu Koomson (Rtd) Director of Operations of the UT Financial Services, said the deal was under the company's auto loan scheme for organizations which were finding it difficult to get the banks to help ... "We are incubating something beautiful under the auto loan scheme in the Volta Region for the entire country," he said. (Ghana Web, Ghana)
Mortgage last loan people pay, study finds Oct 13, 2008
"It's been sort of folklore in the industry that people always pay their mortgage or auto loan first," she said. These borrowers did not lack financial sophistication, Hart added. (San Francisco Chronicle)
Credit squeeze literally hits home as card limits, equity lines pared Oct 13, 2008
Been turned down for an auto loan ... Auto loans have tightened. (San Diego Union-Tribune -- Business)
Bernanke: Expect more pain Oct 8, 2008
Banks are also reducing credit card limits and denial rates on auto loan applications are rising, he said. Banks, too, are feeling the strain of a lockup in lending, particularly in the market for commercial paper. (San Francisco Chronicle -- Business)
Bernanke opens door to Fed cutting rates Oct 8, 2008
Banks are also reducing credit card limits and denial rates on auto loan applications are rising, he said. 1. (MSNBC -- Politics)
Bailouts Prove Pale Substitutes for Market Trust Oct 8, 2008
So if the variable interest rate that you pay on your mortgage, credit card, auto loan or company credit line is based on Libor -- and more than $390 trillion of debt is tied to the London reference rate -- then your borrowing costs are at the whim of fiction, guesswork, and whether the head of money markets at Hokey-Cokey Bank has a hangover or not. Entries for yesterday's three-month dollar Libor fix, for example, ranged from 3. (Bloomberg -- Columnists)
Auto loan delinquencies rise Oct 7, 2008
It s not just home loans that are going into default: Auto loan delinquencies also are on the rise. Nearly $25 billion in auto loans are past due, according to figures released by. (Tampa Bay Business Journal, FL)
Car loans harder to get Oct 5, 2008
"Getting approvalAs of Sept. 20, about 64 percent of auto-loan applications were getting approved, down from 83 percent during the same period last year, according to CNW Marketing Research, a research firm in Bandon, Ore. Subprime-application approvals suffered a dramatic drop, falling to about 23 percent from 67 percent a year ago, but even near-prime and prime approvals fell somewhat.When they do get a loan, car shoppers are likely to get less cash from lenders, requiring them to put more... (Fort Worth Star Telegram)
Car market gets grimmer in light of tighter credit Oct 3, 2008
"Our standards have tightened," said Todd Denbo, a lending product manager at Wells Fargo & Co. "We want customers to come in, even though it's a difficult time, and sit down with a banker and find the right solution for them. It may not be the auto loan that's the right fit for the customer.". CONTINUED 1. (OregonLive, OR -- Business)
Car loan rates set to skyrocket Oct 3, 2008
The liquidity crisis and the sentiment slowdown has already hit financiers, as auto loan business gets stuck in first gear. Disbursal this festive season will see a sharp fall ranging from 15% to 40. (India Times)
Crisis rippling into economy Oct 3, 2008
"It's not that they are bad loans. It's just that no one knows used-car pricing. The crunch is particularly difficult, he says, for independent auto dealers and used-car dealers. In September alone, he says, nearly 1,000 independents or used-car dealers closed their doors in the US. "They can't get their customers an auto loan," he says. That's the experience of Gabriel and Michael Elmassih, who own four-month-old Quincy (Mass.) International Auto Sales, which sells used cars. "We probably lost... (Christian Science Monitor -- USA)
Main Street Danger: Wall Street Dominos Oct 3, 2008
People are going out there, trying to get a mortgage, can't get a loan, can't get a student loan, can't get an auto loan, none of that stuff. So, there's a broader impact on the consumer here. (CBS News -- Early Show)
Friedman: Rescue the rescue Oct 3, 2008
And your local airport was insured by AIG, and your local municipality sold municipal bonds on Wall Street to finance your street's new sewer system, and your local car company depended on the credit marks to finance your auto loan - and now that the credit market has dried up, Wachovia bank went bust and your neighbor lost her secretarial job there. We're all connected. (International Herald Tribune)
Newsweek: Getting a loan harder, not impossible Oct 3, 2008
Are you worried that the failure of the bailout bill means you'll have a tougher time to get a home or auto loan ... Whether it's a home or auto loan, here's how to find that cash now. (MSNBC -- Business)
Auto loans: All revved up, no place to borrow Oct 3, 2008
The era of easy auto loans has come skidding to a halt ... The average down payment on a roughly five-year auto loan in August was $3,067, up from $2,435 a year earlier, according to Edmunds. (AZCentral -- Business)
Revision calls for tax breaks Oct 3, 2008
What the American people are really facing, said Alexander, is "a big wreck in the middle of the economic highway, and it's clogging up our payroll check, our auto loan check, our money for our mortgage loan and our farm credit loan, and (the economy) can't get through the wreck and the economic traffic can't be moving.". Associated Press contributed to this article. (AZCentral -- News)
Delinquent auto loan payments on the rise Sep 23, 2008
NEW YORK - The percentage of auto loans that were past due 60 days or more rose 11 ... Nevada had the highest average auto loan, at $16,033, followed by Washington D.C. at $15,369. (MSNBC -- Politics)
US crisis won't impact Ford, GM's India operations Sep 20, 2008
Dittoed an HDFC official: Apart from the i-banking exposure to the crisis, which some players have had to suffer, there will be no impact on the auto loan market in India. . (India Times)
Auto industry failure could help Shreveport GM plant Sep 14, 2008
John McCain of Arizona normally tightfisted on matters of the federal budget have endorsed the auto loan plan. In your voice. (Monroe News Star)
Your Credit Score Counts Sep 14, 2008
At age 25, John Loconsolo, a paint contracting estimator from North Caldwell, N.J., still had to ask his father to co-sign on his first car lease. Loconsolo had gotten himself in a bit of debt during his post-college years, and his credit score was suffering. (Forbes)
Mortgage Bailout Congress' Fault, W. H. Says Sep 9, 2008
Finding a quality auto loan doesnt have to be a stressful experience. Take the guess work out of finding a loan with this helpful service. (Click2Houston, TX)
Max Stephenson Announces New www.AccessHybrid.org Partners Sep 7, 2008
org (also known as Federal Assistance to Student Car Buyers) has prevailed upon the federal government to pass legislation granting a one- time, 20% subsidy to qualified buyers, through direct payment or by way of a one-year payment-free exemption on a five-year auto loan, says Max Stephenson. The legislation goals are to: -- reduce petroleum usage -- reduce air pollutants -- provide needed financial assistance to college/vocational school commuters -- financially support new graduates -- put... (PR Newswire)
* Competition in motorcycle loan market heats up Sep 5, 2008
The loans earmarked interest rate would depend on the borrowers credit history, and our rates arent necessarily higher since weve been in the business for many years, Russell Tai (k), a manager of Union Banks auto loan department, said by telephone yesterday. EXPERIENCE He said that the bank had years of experience doing business with motorcycle dealers. (Taipei Times, Taiwan -- World)
Landlord charged with ID theft Sep 5, 2008
Armed with the tenant s Social Security number and date of birth, the landlord, Phivos Ioannou, took out a $32,450 Capital One auto loan last year to purchase a 2004 BMW X5. He also opened up a Visa credit card in the tenant s name, incurring more than $20,000 in charges with $4,000 spent on clothes at a local boutique. (Queens Chronicle, NY)
Savings crisis: Spendthrift nation Sep 4, 2008
Many are graduating with the equivalent of an auto loan payment to make on their student loans. Selling the country. (Florida Times-Union)
Seven Common Credit Myths Dispelled Aug 29, 2008
If you have a credit card, home or auto loan, or make other monthly payments, details of your payment track record on these are likely being reported by those parties. For more details about credit myths, visit TrueCredit. (Pekin Times, IL)
Business licenses Aug 28, 2008
The Auto Loan Store Inc., 66 E. Main St., Westminster. Alden Ruiseco, Art for Charity, 444 WMC Drive, Westminster. (Carroll County Times, MD)
The Debt Capitals Of America Aug 28, 2008
Seven of the 10 most credit-delinquent cities in the U.S. have delinquency rates in mortgages, auto loans and credit cards that exceed the national average by two or three times, according to first-quarter data from TransUnion, one of the big three credit-reporting companies ... 65% for auto loans and 1 ... Laredo, Texas, tops the list of auto loan delinquencies, at 2. (Forbes -- Business)
Joining a class action settlement on the Web Aug 25, 2008
Bismarck Tribune - News. I ve spent the last several days trying to get a good handle on the legitimacy and ultimate value of the TransUnion Privacy Litigation site (www. (Bismarck Tribune, ND)
Collateral damage Aug 24, 2008
Across the state and country, credit unions generally considered the most conservative of lenders are seeing a rise in delinquent mortgages, late credit card payments and late auto loan payments ... Credit unions are nonprofit, member-owned cooperatives that offer mostly consumer loans, such as auto loans and mortgages, or credit cards ... And that impacts the member's ability to pay credit cards, auto loans and other types of loans. (San Diego Union-Tribune -- Business)
Suave Spreads In Funky Financials Aug 22, 2008
Finally, out-of-the-money put spread activity in credit card and auto loan servicing outfit Capital One Financial (nyse: - - ) Tuesday showed option traders looking for declines above and beyond the 4% drop to $40. 10 that the share price sustained. (Forbes -- Markets)
Frugal Family Challenge Aug 19, 2008
Because he still owes about $17,000 on the auto loan, that would have left him nearly $10,000 in the hole. So instead, he bought a 1999 Cadillac from his brother-in-law for $6,000. (USA Today -- Money)
Truliant introduces fuel-efficient auto loans Aug 19, 2008
The Fuel Efficient Auto Loan is for any new or used vehicle that gets 29 miles per gallon or more on the highway, according to the Environmental Protection Agency or manufacturer sticker, the credit union says. The loan features a rate discount of 0. (Charlotte Business Journal, NC)
Analysts'Picks: Lanco, Satyam,Honda Aug 16, 2008
In order to improve asset quality and address problem of rising delinquencies, some key banks have discontinued or slowed down their auto loan business at the dealer end. With 60% of two-wheeler sales being financed, this move has seriously impacted industry fortunes. (India Times)
Capital One Auto Loan Delinquencies Rise in July Aug 16, 2008
NEW YORK (Reuters) - Capital One Financial Corp , one of the largest issuers of MasterCard and Visa credit cards, said on Friday more borrowers are falling behind on their auto loans, while credit metrics in its U.S. credit card portfolio were more stable ... The rate of auto loans at least 30 days late rose for a fifth straight month, to 8. (ABC News -- Wire)
How your credit limit can hurt your score Aug 16, 2008
For instance, someone taking out a $25,000 36-month auto loan would see an interest rate of about 6. 4 percent and a monthly payment of $765 if they were in the highest range of FICO scores of 720 to 850, according to Fair Isaac's Web site myFICO.com. (CNN -- US)
East Bay community bank earnings start to falter Aug 15, 2008
At bigger banks, trouble that started in residential mortgage portfolios has crept into credit card and auto loan portfolios. Community banks generally stayed away from residential mortgage lending. (East Bay Business Times, CA)
HSBC plans to lay off 400 workers in San Diego Aug 14, 2008
London-based bank to end U.S. auto loans ... HSBC Auto Finance will lay off about 400 workers in San Diego in the next three months as the giant London-based bank stops making auto loans in the United States ... The workers will continue to service HSBC's existing auto loan customers. (San Diego Union-Tribune -- Business)
SBI hikes PLR, spares home buyers Aug 12, 2008
Similarly, its existing education and auto loan customers would also not be impacted by the rise in PLR. For new auto loans borrowers, the bank has raised PLR only by 50 bps. On the deposit front, SBI will offer 10% for deposit up to two years which is up from 9. (India Times)
SBI ups lending, deposit rates Aug 12, 2008
In the case of auto loan, the bank has restricted the increase up to 50 basis points only. This means, new loan will be available at around Rs 14. (India Times, India)
A generation later, Russians still waiting for their cars Aug 5, 2008
A factor contributing to sales growth is simpler auto loan programs from Russian banks ... Total auto loans reached $17 billion in 2007, up from $9 billion a year earlier, according to central bank figures. (International Herald Tribune -- Business)
Slow auto sales ding loan business Jul 31, 2008
Paul Business Journal Bill Raker, president and CEO of US Federal Credit Union, boosted auto loans this year by launching a promotion that gives borrowers a lower rate for buying energy-efficient vehicles ... While the stress on auto loans is not as critical as the mortgage crisis, the pain is starting to show up in second-quarter earnings releases by large publicly held banks and advertising campaigns by credit unions ... A worsening economy, falling home prices and rising gas prices have ;... (Twin Cities Business Journal, MN)
Southside Bancshares, Inc. Announces Record Earnings for the Three and Six Months Ended June 30, 2008 Jul 26, 2008
This increase is a result of the $63 million in auto loan purchases by SFG beginning in September 2007 ... 0 million of high yield auto loans by SFG, the addition of approximately $90. (PR Newswire)
