AutoSavvy’s Post

I always get so many questions about financing branded title vehicles. AutoSavvy has disrupted the traditional used car market and teamed up with top-tier financial institutions across the country to provide some of the best lending options available. This recent article from MashableCity highlights how financing branded title vehicles can be a smart choice for both buyers and banks. By partnering with leading lenders, we're able to offer competitive rates and flexible terms that make owning a high-quality, branded title vehicle more accessible than ever. Our commitment to transparency and rigorous vehicle inspections ensures that customers can have confidence in their purchase. For buyers, this means substantial savings without compromising on quality. For financial institutions, it represents a growing market with lower default rates compared to traditional used cars. As the market for branded title vehicles continues to expand, we're proud to lead the charge in providing innovative financing solutions that benefit all parties involved. Read the full article to learn more about the advantages of financing branded title vehicles and how AutoSavvy is at the forefront of this exciting trend.

"Unlock a personalized car buying journey at Auto Lending Canada, designed to exceed your expectations. 🚗💫 Benefit from effortless transactions and a promise of complete delight, every time. Tailored car buying experience crafted to exceed your expectations. Effortless transactions with a focus on your satisfaction. Visit us today and discover a new standard in car buying satisfaction! #AutoLendingCanada #PersonalizedCarBuying #EffortlessTransactions #CustomerDelight"

Autos. For auto lenders, this speaks to car values. As we get further and further away from no cars on the lot - now too returns the "incentives". This is all driven by trying to move vehicles and if dealers are having give incentives that typically means weakness. "During the coronavirus pandemic, auto production was slowed first by factory closings and then by a global shortage of computer chips and other parts that lasted for years." "With few vehicles in showrooms, automakers and dealers were able to scrap most sales incentives, leaving consumers to pay full price. Some dealers added thousands of dollars to the manufacturer's suggested retail price, and people started buying and flipping in-demand cars for a profit." "But with chip supplies back to healthy levels, auto production has rebounded and dealer inventories are growing. At the same time, higher interest rates have dampened demand for vehicles. As a result, many automakers are scrambling to keep sales rolling" "It seems like we may be headed back toward incentives and overproduction," Mr. Lutz said. "It's not there yet, but it's getting close." "In the last few years, shortages and consumers' preferences for large vehicle have pushed the average purchase price of new vehicles to just under $47,000, and the average monthly payment to $735, according to Edmunds, a market researcher. The average interest rate on used car loans was 11.6 percent in April, according to Edmunds." "The growing number of incentives on new vehicles has helped pull down prices of used cars and trucks. In April, used car prices declined nearly 7 percent, according to the Bureau of Labor Statistics. Among the most heavily discounted models at the moment are electric vehicles, sales of which have slowed in recent months" "You have your ‘need buyer,' whose car had died or needs a lot of expensive repairs, and they have to get a new vehicle," said Adam Silverleib, owner of a Honda and a Volkswagen dealerships outside Boston. "But a lot of those ‘want buyers' went away when interest rates went up, and now incentives are bringing some of them back." #consumer #auto #credit #bank #creditunions #lending

Car payments have significantly increased in recent years, driven by surging interest rates and escalating vehicle prices. This trend poses challenges for consumers, prompting questions about the future. To uncover insights on this topic, continue reading. #InterestRates #CarPrices #CarPayments #Motorlease #WhateverItTakes

In preparation for #AutoFinanceSummit, we're doing our research to understand the greatest challenges facing the auto finance industry, especially for dealerships. See what we've found so far: https://bit.ly/3XVINfb

Car payments have skyrocketed why car payments are so high right now Car payments have skyrocketed in recent years due to a combination of high prices and high interest rates. While some relief may come soon, industry insiders say prices may still remain high for quite some time. As of May, customers were paying, on average, $760 a month for an auto loan, according to Moody’s Analytics. While that is a drop from a high of $795 in December 2022, it is still a roughly 40% increase over the $535 average payment in May 2019. A near-record 17% of car owners are paying more than $1,000 a month, according to Edmunds, a car shopping site and industry data provider. Though slightly down from the record of 17.9% in the fourth quarter of 2023, the rate has remained above 17% for a year. “The idea you’re going to pay $700, $800 a month for the next six years, I mean, it just sounds crazy for a depreciating asset,” said Charlie Chesbrough, senior economist for Cox Automotive, which owns Autotrader and Kelley Blue Book, plus provides a range of services for the auto industry. ‘Underwater’ trade-ins are bumping up payments Many customers who bought vehicles at high prices in the middle of the Covid-19 pandemic are now “underwater” or have negative equity — meaning the loan on their car is larger than what the car is worth — by a record amount. In the first quarter, 23% of customers with trade-ins had negative equity of more than $6,167 on average, according to Edmunds. The steep drop in used-car prices from pandemic-era highs has produced unusually high rates of depreciation for a lot of vehicles.

Automotive News covered our recent "Future of Auto Finance" snapshot survey of credit union professionals, highlighting the data showing that 71% of credit unions plan to expand or deepen car dealership relationships in 2024, and that 59% thought their portfolios would benefit by adding auto leasing in 2024. CULA president Ken Sopp also offered his insight, predicting that leasing would grow industry-wide, expecting its rebound would be "the story of 2024." Click here to read the full article: https://lnkd.in/gaMnP3P3 #CreditUnions #VehicleLeasing #cardealers #LendingSolutions #autoindustry #AutoLending #AutoFinance #automotive #cars

"Unlock the Power of Convenience and Cash! 🚗💰 Embrace a hassle-free way to upgrade your ride with Cash For Cars Near Me. Enjoy a seamless selling experience, quick transactions, and top-dollar value for your vehicle. Don't settle for less when you can turn your car into instant cash. Say goodbye to the old, and hello to financial flexibility! 🌟 https://lnkd.in/g9EEQitq #CashForCars #UpgradeYourRide #TopDollarDeal"

🚨 Customer Service Nightmare with AutoNation Hyundai 🚨 It is with great reluctance that I share this deeply frustrating experience. I’m sharing this to raise awareness so that no one else has to endure the mistreatment and gaslighting I’ve experienced. On July 30, 2022, I purchased a 2018 Hyundai Tucson from Jack Ingram Value Lot, but what should have been an exciting milestone has turned into an ongoing nightmare. I’ve been without my car for nearly three months due to what I believe is gross negligence and mismanagement by the service department at AutoNation Hyundai Mall of Georgia. On March 20, 2024, I brought my vehicle in for a serious issue with burning oil. After an inspection, I was advised to undergo a combustion engine cleaning, with the assurance that this would solve the problem. However, when I picked up my vehicle on March 26, 2024, I was unexpectedly charged $700, despite being told that the service would be free. Even more frustrating, the service didn’t resolve the issue, and the oil continued to burn. After seeking advice from a professional mechanic, I learned that a combustion engine cleaning does not stop oil from burning, which makes AutoNation responsible for the subsequent failure of my engine and catalytic converter totaling $10,000 in repairs. Following the installation of the KSDS update Service Campaign 966 (recall) on March 11th, my vehicle began to experience even more issues, including jerking while driving. Despite notifying the Service Manager on May 15, 2024, my concerns were completely ignored. The situation has now escalated to the point where I’m being pressured to pay $3,500 just for diagnostics, and they’re threatening to tow my car to a salvage yard if I don’t pay immediately. To add insult to injury, both Hyundai's warranty and my third-party warranty provider, Smart Auto Care, are denying coverage. This ordeal has taken a significant toll on my mental, physical, and financial well-being. The cost of rideshares alone has been overwhelming. I’ve reached out to Hyundai Corporate, Smart Auto Care Corporate, and AutoNation Corporate for help, but their responses have been practically useless. Due to the trade in value being low, under pressure I was coerced by a salesman to default on my current auto loan, to open a new loan, and purchase a vehicle with them. He claimed this would offset a voluntary repossession. After realizing the legal issues of this unsound advice, subsequently I return the new vehicle within the 5 day grace period. If you’re in the market for a new vehicle or need maintenance, please reconsider patronizing AutoNation Hyundai Mall of Georgia in Buford, GA. #AutoNation #Hyundai #CustomerServiceFail #HelpNeeded #Share #autonationhyundaimallofgeorgia

With vehicle leasing dropping dramatically in the past few years and now making up only 20% of transactions, what can dealers and OEMs expect in 2024? Read this blog for insights and predictions based on research from TransUnion and S&P Global Mobility. https://lnkd.in/d4_zGM7e