Tag Archives: recession

Auto Loans Surge As Market Recovers

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ID-100130602What a difference four years can make.  Not that long ago, with the economy in the gutter due to the recent collapse, car buyers were unable to find banks to fund them the money needed to purchase.  Since then, the economy has bounced back and so has the lending.  What was a mere fantasy years ago is now a better reality with interest rates that are finally returning to where they were before the recession.

Bloomberg writes that lenders are very optimistic about the year to come.  In February, the U.S. light-vehicle sales had an up-tick of 3.7 percent.  “The availability of consumer credit is plentiful, “says Kurt McNeil, the VP of US sales operation for GM.

Low interest rates and the availability of credit are the biggest reasons that the US auto sales have gotten a boost.  It rose 13 percent just last year which marks that as the largest annual increase since 1984.  Another reason is that employment has increased, which has caused dealers to increase their leasing, knowing that buyers will be better on paying off loans.

The market is recovering and car buyers are finding the necessary loans readily available.  Interest rates are low and are coming down to the point of where they were before the recession took its toll.  All around the nation, banks and lenders are doing their best to grab attention to let buyers know that dealerships are open for business in the best way.

That includes Bayside Chrysler Jeep Dodge.  Serving the Queens, Bronx, Manhattan, and Long Island Area with quality customer care and experts that work diligently to get car buyers the loans they need.  We love to say yes.  Like us on Facebook and follow us on Twitter for tips on purchasing a vehicle and for special monthly offers.

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.

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.

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