Tag Archives: auto credit

Late Payments Rise as More Consumers Enter Market

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Typically when we report on the state of finance in the auto industry, it is to highlight how much something has decreased since the collapse a few short years ago.  We look at the reports that the credit unions put out and have seen a consistent trend in the lower of overdue loans.  However, a recent report from Transunion has shown growth in that very area.  While this may seem like terrible news to see, there is a silver lining underneath it all.

TransUnion is reporting that late payments on loans have grown about 1.1 percent in the last three months of 2013.  Still, the late payment rate is below 1.3 percent overall, a good sign.

The reason I don’t see an issue with the rise in payment delinquency is because it is showing that more people are back in the market.  Some have been forced in, due to an aging vehicle, but many more are coming back into because of the availability of financing and due to a stream of high quality new vehicles.

If anything, it is a sign that people need to step extra carefully when getting a loan.  We’ve provided tips before on how to best prepare to get an auto loan so that you will not end up a statistic on the delinquency rates.

For more information on how to obtain a loan, contact a sales rep at Bayside Chrysler Jeep Dodge.  We have a wide selection of new and used vehicles to look at with competitive financing offered.  Like us on Facebook and follow us on Twitter to see more financing tips and for special monthly offers.

Chrysler Capital Opens Strong as Auto Loans Remain Easily Available

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UntitledIt’s only been a month since Chrysler switched their preferred lender from Ally Financial Inc to their own Chrysler Capital and it already looks to be a success. The opening month for the new auto lending service is off to one strong start.

Back in May, Chrysler parted ways with Ally to focus on the creation of their own lending group, Chrysler Capital. Since then, Chrysler Capital has worked on about 21 percent of the loans given out at the 2,500 Chrysler dealerships across the nation. That makes them the top loan writer at Chrysler dealerships.

“”I consider that pretty strong right out of the chute,” said Reid Bigland, Chrysler Group’s head of US sales. “There’s a pretty thick Rolodex of financial providers that is now available to dealerships.”

Bigland went on to say that he thinks lenders are so aggressively pushing into auto loans because the value of a car has held up much stronger than homes during the recent economic downturn. Credit availability is now the best it’s been in the history of automotive financing.

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