Banco Do Brasil: Bonus Plans May Have Caused Auto Loan ProblemsNews from Fox Business:
SAO PAULO –  A rise in delinquencies on auto loans in Brazil may be explained by incentive programs, but there’s no systemic concern about auto loans in Brazil, according to an official at the country’s largest bank, government-run Banco do Brasil SA (BBAS3.BR, BDORY).
“It’s very difficult to have an easy answer for why nonpayment increased in the area of auto loans at some banks,” said Alexandre Abreu, the bank’s vice president for retail.
“One of the problems that I detect is in origination,” Abreu said. “Some banks [...] Continue Reading…

Auto Loan Rate Deal of the Day: United Services Credit Union at 3.99% APRNews from Go Banking Rates:

Old Fort, NC drivers can look forward to incredible savings right in their own city. United Services Credit Union provides an auto loan rate as low as 3.99% APR, which ensures your budget is well taken care of.
Auto Loan Rate Terms and Conditions
The auto loan rate above applies to new and used vehicles with a model year of 2005 or newer. Furthermore, car mileage must not exceed 100,000 miles. This auto loan rate is applicable only to the 72-month term option. Additional [...] Continue Reading…

6 sentenced in auto loan schemeNews from ABC NEWS 4:
CHARLESTON, S.C. (WCIV) — $ 800,000.
That’s the number that has landed five Lowcountry residents in prison.
United States Attorney William N. Nettles shared Wednesday that the five men were among seven involved in an auto loan scheme.
Sentenced for conspiracy to commit bank fraud were William Brian Toadvine, age 34 and Donald Toadvine, age 58, both of Mt. Pleasant; Floyd Hargrove, age 41, from Bluffton; Daniel Kosmer Jr., of Greenville; Joyce Pozniko, 58, of Hanahan and Elizabeth Donnelly, 47, of Beaufort, were all sentenced for providing false statements on a loan [...] Continue Reading…

Chrysler to end auto loan deal with Ally FinancialNews from BusinessWeek:

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Beware of company offering auto ‘loan mods’News from U-T San Diego:

Can’t afford your auto loan?
The BBB offers these recommendations for consumers struggling to make car payments:
• Contact the auto lender directly. The earlier a consumer does this the better, as there are more options available early on, including: extending the loan term to reduce monthly payments or deferring missed payments to the end of the loan.
• Understand your rights. Auto lenders may have [...] Continue Reading…

US auto-loan bond issuance seen nearing pre-crisis levelsNews from Reuters:

By Charles Williams
Thu Apr 26, 2012 11:11am EDT

NEW YORK, April 26 (IFR) – Auto ABS issuance volumes are expected to come close to touching pre-subprime crisis levels this year and total ABS volumes could set a new post-2008 record, based on the projections of at least two banks which revised upwards their forecasts this week.

New-issue US asset-backed securities (ABS) backed by auto loans are the main reason the non-mortgage ABS market is off to its strongest start since the 2008-2009 credit crisis.

Year-to-date total US ABS volume is about US$ [...] Continue Reading…

Big banks seek to build on auto loan gainsNews from Automotive News:

Jim HenryAutomotive News — April 25, 2012 – 12:01 am ET

Some of the biggest banks in auto lending continue to aggressively pursue retail loan business after first-quarter surges.
Wells Fargo Dealer Services, for example, reported record auto originations of $ 6.2 billion for the first quarter this year. That was a 10 percent increase from a year earlier and a 25 percent increase from the fourth quarter of 2011.
Wells Fargo Dealer Services is the perennial No. 1 in market share for used-car loans, according to Experian Automotive. As [...] Continue Reading…

TEXT-S&P: US auto loan ABS performance improved in Feb.News from Reuters:

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Consumers warned of auto loan modification scamNews from fox5sandiego.com:
SAN DIEGO — A San Diego company is at the center of an ongoing effort by the Federal Trade Commission to crackdown on online auto loan modification businesses taking advantage of customers.
Auto Debt Counseling was sued in early April by the FTC for “false and misleading” advertising and failing to give refunds.
Customers claim they gave Auto Debt Counseling up to $ 799 upfront [...] Continue Reading…

SBI cuts auto loan rates, Kotak Mahindra and United Bank cut base rateNews from Economic Times:MUMBAI: State Bank of India (SBI) lowered interest rate on auto loan rates and deposit rates but refrained from reducing its base rate- the minimum lending rate on which it pegs interest rates to their borrowers. However others like Kotak Mahindra Bank and United Bank reduced base rate on Monday.On Monday, SBI announced a sharp reduction of 75 basis point in auto loans to 11.25% – making its the one of cheapest auto loan. Soon after the RBI has announced a cut in policy [...] Continue Reading…

RBI repo rate cut to make auto, home loan EMIs cheaperNews from NDTV:

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RBI repo rate cut: Bond yields ease sharply to near 8.30

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EMIs for car, auto and personal loan borrowers will come down as the Reserve Bank announced 0.5 per cent cut in interest rates for the first time in three years to revive sagging growth, exceeding expectations.

As RBI reduced short-term lending (Repo) rates to eight per cent from 8.5 per cent with immediate effect, several banks led by SBI said, they would cut the lending rates.

While the RBI decision came as a pleasant surprise to the borrowers, who [...] Continue Reading…

SBI to cut auto loan rates by 50 bps, will look at segment-wise cuts: MD …News from Economic Times:In an interview with ET Now, Krishna Kumar, Managing Director, State Bank of India, talks about rate cuts and shares his outlook on the banking sector. Excerpts:Let me start the discussion with something which is of immense market curiosity and of importance for retail and institutional borrowers. After the Reserve Bank of India rate action, your peers like Punjab National Bank and Union Bank have already cut rates. When do you think State Bank of India is likely to cut rates?We [...] Continue Reading…