U.S. consumers buyers are taking out bigger car loans with longer pay-back periods as lenders offer lower interest rates and accept borrowers with weaker credit ratings, a report released on Wednesday showed. The average loan on a new car climbed to $26,719 in the third quarter, up by $756 from a year earlier, and the most in at least five years, according to data collected by Experian Plc. Despite borrowing so much more, average monthly payments on new car loans rose only $6 to $458. The average interest rate fell to 4.27 percent from 4.53 percent a year earlier and the average loan term stretched one more month to five years and five months, according to Experian. "The third quarter of 2013 proved to be a good time to purchase a new vehicle, particularly for consumers who buy based on their monthly payments," Melinda Zabritski, senior director of automotive credit for Experian Automotive, said in a statement from the data and analytical firm.
TORONTO (Reuters) – Ford Motor Co's Canadian arm maintained its spot as the country's best selling brand, data released on Tuesday showed, as growing demand for trucks helped power a sixth consecutive monthly record for Canadian vehicle sales in November. Canadian auto sales climbed 6.5 percent to 133,860 vehicles in November from the same period last year, with year-to-date sales up 4 percent at 1.63 million units, wrote independent auto industry firm DesRosiers Automotive Consultants. Truck sales in Canada soared 8.8 percent higher to 76,949 vehicles, with passenger car sales up a healthy 3. …
By Bernie Woodall DETROIT (Reuters) – The United Auto Workers union is considering hiking membership dues by 25 percent, the first increase since 1967, as it faces dwindling membership and rising costs, a top UAW official and several union sources said. The UAW, the richest U.S. union with $1 billion in assets, is also one of the most politically influential, contributing to the campaigns of Democratic politicians from the state level to presidential candidates. UAW leaders are considering increasing dues to the equivalent of 2.5 hours per month, up from two hours per month for hourly workers in the automotive industry as well as governmental, nursing, academic and other fields represented by the union, several people familiar with the discussions said. Jimmy Settles, UAW vice president and the top union official for workers at Ford, emphasized that the rise in dues is "only in the discussion phase.
are among Western firms sending executives to an automotive conference that opens in Iran on Saturday – firing the starting gun on a more overt race for post-sanctions business. The French carmakers are poised to resume vehicle sales in Iran, using a six-month easing of trade restrictions to reclaim their market position before the mass arrival of competitors behind any permanent detente that could follow. Production by Iran's domestic car industry, unusually developed for the Middle East, peaked at 1.6 million cars in 2011, the year crippling new sanctions were introduced. Leading manufacturer Iran Khodro accounted for about half of that output.
GUANGZHOU, China (AP) — As car enthusiasts converge on the annual Guangzhou auto show, few have anything except a shiny new set of wheels in mind. But explosive growth that transformed China into the world's largest auto market is also giving life to a new industry here: used cars.
South African stocks slid more than 1 percent on Tuesday as Naspers tumbled after the high-flying internet firm said spending would likely crimp its earnings this year. Sentiment was also bruised after data showed Africa's largest economy grew at its slowest pace since a 2009 recession in the third quarter, dragged down by weeks of strikes in the automotive industry. Naspers, the most valuable company with a primary listing in Johannesburg, dropped 4.1 percent to 931.92 rand. They are investing for more growth and you will always have a question on that," said Reuben Beelders, a portfolio manager at Gryphon Asset Management.