Capital One Auto Finance recently upped its maximum loan term to 84 months for prime loans and 75 months for subprime, exclusively for dealers in its “Diamond Dealer” incentive program, spokeswoman Pam Girardo confirmed.

“Capital One is selectively offering 75- and 84-month term loans in a way that factors in credit standing, mileage/age of vehicle, ability to pay and other considerations,” she told Auto Finance News in an email on Thursday. “We have a disciplined approach to underwriting and offer responsible access to credit with guardrails in place to help ensure loans are in the customer’s best interest.”

Greg Goebel, chief executive and founder of DealerStrong, a dealership training and consulting firm, mentioned the longer terms at Capital One in a presentation at the F&I Industry Summit in Las Vegas last week.

The move by Capital One is part of an industry trend to longer terms. According to Experian Automotive, average loan terms were at record levels in the second quarter, at 67 months for new and 62 months for used. Melinda Zabritski, senior director, financial solutions for Experian Automotive, said consumers are using longer terms and also leasing to offset higher sticker prices.

In exchange for directing a higher volume of loans to Capital One, “Diamond Dealers” get perks like faster decisions and easier exceptions, the bank said. Before the recent change, Capital One’s maximum term was 75 months, on what the bank described as a highly selective basis. On Capital One’s consumer web site on Thursday, an auto loan payment calculator only went up to 72 months.

“As you know, auto loans have been lengthening as vehicles are lasting longer and consumers are keeping their cars longer,” Girardo said.

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