Big Banks Want a Piece of the Vehicle Sales Boom
Car companies have reaped major profits from financing new and used cars at dealerships in the first quarter of 2014. Auto manufacturers have also financed the lion share of new vehicle leases as well, and banks want a piece of that action. The financing departments of Ford, Honda and Toyota have financed half of all of the new vehicle loans in the U.S. in the first quarter. This is a 37 percent gain over last year and the largest percentage in four years according to Experian.
The finance departments of the auto manufacturers can provide incentives and subsidies from the manufacturers, which reduce monthly payments. They are also extending loan terms also reducing the monthly payments and making buyers choose them instead of major banking institutions that cannot compete. These banks are now looking into riskier investments, such as used cars and bad credit loans, in order to gain market share in the automotive industry.
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