F&I

Bank auto-loan rates move back up in Q3

The average commercial-bank rate on a 60-month new-car loan was 7.54% in the third quarter (August survey), up from 7.14% in Q2 but a little below 7.64% a year earlier; the 72-month rate was 7.17%. Motor-vehicle loans outstanding reached $1.590 trillion at the end of the third quarter (not seasonally adjusted), about 1.9% higher than a year earlier. These are survey figures (a simple average of each bank's most common rate), not a measure of captive or credit-union pricing, per the Federal Reserve's G.19 report released Nov. 6. Higher bank rates can add payment pressure, but these figures do not describe every lender's current offer.

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