Higher third-quarter vehicle sales and an increased demand for credit sent auto loan volume up last quarter, according to data released yesterday by the Federal Reserve.
Specifically, auto loan volume increased $21.2 billion in the third quarter, on the heels of a $20.1 billion boost in 2Q, according to a Bloomberg report. The Fed lumps auto finance with student lending in its nonrevolving debt category. In all, nonrevolving debt outstandings totaled $2.20 trillion on Sept. 30, up from $2.16 trillion at midyear.
The Fed data showed that that average rate for a 48-month new-car loan was 4.46% in the third quarter, compared with 4.13% in 2Q and 4.88% in 3Q12.
Consumer credit as a whole inched up to $3.05 trillion in the third quarter, from $3.01 trillion in the second. Monthly, consumer credit was up $13.7 billion in September and $14.2 billion in August.
JJ you are correct. That is why I believe the transparency must be for the regulators and for the media. That is where the pressure to provide truly Fair Lending will come. The FACT act came from pressure on regulators and Congress from consumers that had been abused and from consumer advocacy groups and shareholders interested in Access to Capital