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Auto-Loans Market Healthy Despite Rise in Delinquencies

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ID-10056516Today, Experian released their analysis of the current automotive credit trends for the fourth quarter of 2012.  What they found was very interesting considering the upward state the industry has been in as of late.

For the first time in quite a while, there was a rise in delinquencies.  Being late by 60-days increased from the same quarter in 2011.  It rose from .72 to .74 in Q4 of 2012.  That kind of increase in loan delinquencies hasn’t occurred since 2009.

Still, Experian assures that it’s nothing to worry about.  “Overall, our Q4 analysis shows that the auto lending market is extremely health,” said Melinda Zabritski, Experian Automotive’s direct of automotive credit.  “Of course you never want to see an increase in delinquencies, but when you take a step back and look at the market compared to where it was three years ago, we still have remarkable stability.”

A way to look at this increase is due to more loans being issued.  When the finical crisis hit, banks reeled in their lending in fear of the market.  Now that things have finally rebounded for the better, banks have reopened that door and are letting people in.  There’s been a rapid increase in the amount of people asking for a receiving auto loans.  In fact, the market of auto-loans has been one of the fastest growing parts of consumer-finance recently.

Interested in getting an auto-loan for a vehicle?  Contact us at Bayside Chrysler Jeep Dodge and find out how we can help.  We love to say yes!  Browse our new and pre-owned inventory online.  Like us on Facebook and follow us on Twitter for more news and monthly offers.

2013 Looking Up for Auto Loans!

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ally_auto_NADA2013_infographics_612x792Dealers are incredibly optimistic about what 2013 is going to bring. More than 100 auto dealers were surveyed at the 2013 NADA convention that occurred over the weekend. What Ally Financial put together from all of the responses was that they are expecting this new year to be strong.

About 60% the surveyed dealerships believe that their sales will be growing by 10% or more this year. 54% believe that buyer confidence will provide a boost to sales. Sales will also be bolstered by the cars getting too old to drive, promotions, and a host of new models that will be on display in showrooms. Also, half of those surveyed also believe that with people getting their credit improved, this in turn will lead to them coming in and purchasing a vehicle.

The survey also showed optimism in used-car sales. 47% think, in fact, that it’ll be the most profitable segment in the year.

We’re definitely looking forward to an incredible year at Bayside Chrysler Jeep Dodge. If you’re in the Queens area and are needing help to get a car, we’re ready to help you. We love to say yes, so start the process by contacting us. Like us on Facebook and follow us on Twitter for more news and monthly deals.

How to Avoid Online Auto Sale Scams

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ID-10079656The internet is a great tool to use for people searching for anything.  Sites like E-bay and Craigslist have opened up new avenues for advertising for goods the world over.  That doesn’t mean it’s been a completely good thing for the consumer.  World-wide access has lead scam artists a new way of trying to con people in ways they never knew existed.  There’s plenty of scams to be on the look-out for and this is just another to keep in mind if you’re having credit issues and are looking for an auto loan.

The Internet Crimes Complaint Center, which is the partnership between the FBI and the National White Collar Crime Center, has a report on what is a common occurrence should you try to go online for an auto purchase.  Here’s the breakdown of what happens:

You find a nice car in your price range online and message the buyer that you’re ready to buy.  What you don’t know is that the person on the other end has made up this vehicle out of thin air.  The fraudster has constructed an elaborate lie with details and pictures lifted from legitimate websites.  When they hook in a buyer, they will then proceed to let them know that the vehicle is overseas.  The next step is to ask the victim to send a deposit via wire transfer to initiate the shipping process.

It doesn’t end there.  The fraudster will message the victim back and inform them of an issue with the transfer.  A cashier check is sent to the victim with the instruction to cash the check and resend a second wire transfer to a different account.  The victim, unaware that the check is counterfeit, has now been double duped by this scam tactic.

It’s scary how resourceful perpetrators are of US banking laws and know how to perfectly manipulate the average consumer.  That’s why it’s so important for buyers to know what they are getting into.  Education and being cautious is the only deterrent to scam-artist on the internet.  If you’re in the situation where you’ve been denied an auto loan and the internet seems like the only way you’re going to get a car, still be careful. When dealing with faceless people, you can’t ever be careful enough.

Avoid the scam artist by dealing with credible dealerships.  At Bayside Chrysler Jeep Dodge, we hate to turn people away.  We love to say yes.  Stop on by and see how we can help you purchase the vehicle you need.  Like us on Facebook and follow us on Twitter for more tips and news.