Assessing the impact of the coronavirus pandemic on a customer’s credit standing is similar to a dean of admissions judging prospective college students: the more information they have, the faster a decision can be made. Likewise, auto lenders’ decisioning processes ascribe values to certain components of a consumer’s credit history, …
Read More »Fed move to keep benchmark interest rate may not help auto customers
Federal Reserve Chairman Jerome Powell said last week that the central bank’s benchmark interest rate won’t be raised until 2023, but the news won’t be much help to car buyers. Rather than a positive note, the move signals a slow economic recovery as the U.S. continues to grapple with the …
Read More »Michigan Groups Offering Free Auto Repairs to Help Avoid Police Stops
Jorge VillalbaGetty Images Fixing taillights can make a big difference in avoiding the risk of being pulled over by police. Various organizations are coming together to offer such minor repairs for free to help people prevent unnecessary police interactions. Aside from the lights, the groups are also offering fluid topoffs …
Read More »Help from within for auto recyclers, F&I managers
Every sector of the U.S. economy, it seems, has been touched by the coronavirus pandemic. Retail, entertainment, hospitality, health and service are among the most affected industries, given their consumer-facing nature. Yet the deadly virus has touched essential service workers who don’t often make headlines, who worked quickly in the …
Read More »Tools help lenders weather pandemic's credit upheaval
While the coronavirus pandemic is shifting consumer credit metrics and disrupting marketplace trends, credit and automotive finance experts say lenders are adapting to the changing environment. Lenders have more tools at their disposal for guidance and clarity than they did during the 2008 financial crisis, such as employment verification instruments …
Read More »Amid Covid-19 Disruptions, Parents Have Tools to Help Teen Drivers
Thomas BarwickGetty Images Even though the state doesn’t require an on-road test for new teenage drivers right now, that doesn’t mean parents should rush to get them a license. If you have to teach your child to drive right now, being patient and reviewing the basic rules of the road …
Read More »Car-Rental Deals Help Drivers in Pandemic as Companies Struggle
Sean M. HaffeyGetty Images Luxury rentals for as little as $ 33 per day for the month of April are the good news, along with the fact that any car you rent now will probably be extra clean. But with travel way down because of the coronavirus pandemic, airport parking …
Read More »Automakers slash rates, add deals, offer help to new buyers amid coronavirus slowdown
Automakers across the U.S. are slashing interest rates, assisting with payments, and offering other incentives to buyers and owners as shoppers largely hunker down during the typically busy spring season. Although it’s unclear how a prolonged outbreak may impact owners and shoppers, several automakers have offered assistance for up to …
Read More »See Volvo’s XC40 Recharge EV Move—in an Ad, with Google’s Help
Volvo has created an ad for the XC40 Recharge EV that will appear in a special Music Issue of The New York Times Magazine. The magazine cover also has content that is unlocked by the app. It works with a feature called Google Lens to give it a multidimensional appearance. …
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