Tag Archives: economy

Auto Loans Increasing as Delinquency Decreases

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People are starting to get back to work as the economy continues the long road of recovery since the disaster of 2008. The auto industry has seen a similar bounce back of late with the increase of sales since their bankruptcy and bailout. To that end, it’s be easier and easier for those in the sub prime market to get loans. There’s a reason for that as Experian has noted a new trend among people with auto loans.

Experian is saying that consumers have paid their auto loan payment on time in the second quarter of 2012 compared to the same period of last year. This has also brought down the rate in the average delinquency rate in all lending organizations. To give proper numbers, Experian is showing that the 30-day delinquency rate was 2.52 percent in the second quarter of 2012 and that number was 2.59 percent last year. For people with a delinquency of 60-days , the number was .60 percent last year and is .59 this year.

Melinda Zabritski, director of automotive lending for Experian goes into more detail, “Consumers continue to do an excellent job of paying back their vehicle loans in a timely fashion, and that’s good news for everyone in the industry. Both 30 and 60 day delinquencies are at historic lows, and the percentage of money at risk has dropped as well. This gives lenders needed stability, which filters through the auto industry to consumers in the form of easier to obtain loans.”

That all means that if you’re someone looking for a car loan but think that your credit will stop you from getting a deal on a vehicle you want, think again. Stop on in to Bayside Chrysler Jeep Dodge and see how we can aid you. Go online to our website to view our full inventory of new and pre-owned cars. You can also give us a like on Facebook and follow us on Twitter for more information and industry news.

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Auto Industry Hopeful as Demand Increases

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It feels almost impossible to talk about finance in the auto world today without having to bring up the past. The past, in this case, being the fact that just a few short years ago, the writing seemed to be on the wall for the auto industry. That was then, and those were bleak and dark days for sure, but in the here and now, the business has turned around. The industry is coming back from the brink and is looking more optimistic with each passing month. This is most definitely the case with a recent survey that made the rounds with the industry.

The survey was done by KPMG and asked 100 automotive senior executives and suppliers about the future. 83 percent of the automotive companies expect that their revenues will have an increase in the next year. Profits are strong even though the economy is still considered weak. The demand is certainly there for the industry and because of this, the auto makers are looking to increase production to keep up. This means more employees are needed, so all the major companies are hiring to get ready for the increase in customers in the future.

This, and the return of sub-prime loans, means that it’s a great time to visit a dealership if you’re looking to finally purchase that car you’ve been wanting. See just what Bayside Chrysler Jeep Dodge can do to assist you today. The line up of our new and pre-owned inventory is available for viewing online. Please give us a like on Facebook and a follow on Twitter so we can keep you up to date on news in the auto world as it happens.

Chrysler Looking For New Incentives to Get Buyers into Cars

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Economy, economy, economy, not a day can go by where the word doesn’t enter into every news story on any given website. It’s not hard to see why, what with the US still knee deep in a recession, but it’s an inescapable topic. When covering the car industry, the economy has always been a focus point for stories. Most car makers have managed to have a positive spin with their coverage, becoming a Cinderella story of coming back from almost losing it all. Since the bailout, not a month has gone by where journalists (including myself) haven’t spoken at length about the great recovery the industry has had since the beginning of the year. There’s problem with this trend however, that it’s great while it still happens, but just how long will it last?

That’s the question being addressed by the industry which is being looked at in an article with the Detroit Free Press. Many of the major names have started to look into new ways of getting people to continue shopping for cars. One of the ways is how GM has introduced a new 60 day return policy on their cars. It’s not exactly just return the car in 60 days of purchasing it, there are many guidelines that have been set that need to be followed before the dealership will take back your vehicle. That being said, it’s still something very different than business as usual.

Chrysler has a different approach. They have initiated a program that allows buyers to delay their monthly payments for 90 days. This offer is a full national program and applies to Chrysler, Jeep, Dodge, and Ram trucks. It’s all about figuring out ways to incentive people to ensure that the sales companies like Chrysler have been enjoying don’t take a radical dip. The car industry is in a much better place currently and it really enables them to start really thinking outside the box about how to aid their customers.

If you’re one of those customers looking to drive away in a car you need, no matter if you’re suffering from bad credit, come see how Bayside can help you. Be sure to take a full look at our inventory online of new and pre-owned cars. Also give us a like on Facebook and follow us on Twitter to stay current on the industry news.

Image: FreeDigitalPhotos.net