US auto loan delinquencies highest since 2010 as demand for finance increases

Auto loan delinquencies have reached heights not seen since the end of 2010, with seven million borrowers 90 or more days behind on car payments, one million more than eight years ago, according to data from the Federal Reserve Bank of New York. Its latest quarterly report on household credit and debit trends found the 90-day delinquency rate at the end of 2018 was 2.4%, up from a low of 1.5% in 2012. The rise comes as auto loan originations reached the highest level on record during 2018, rising $9 billion compared to 2017.

US auto loan delinquencies highest since 2010 as demand for finance increases

Feb 19, 2019

Auto loan delinquencies have reached heights not seen since the end of 2010, with seven million borrowers 90 or more days behind on car payments, one million more than eight years ago, according to data from the Federal Reserve Bank of New York. Its latest quarterly report on household credit and debit trends found the 90-day delinquency rate at the end of 2018 was 2.4%, up from a low of 1.5% in 2012. The rise comes as auto loan originations reached the highest level on record during 2018, rising $9 billion compared to 2017.

Amazon puts $700m into EV startup Rivian

Online retail giant Amazon has announced a $700 million investment in electric vehicle (EV) startup Rivian. Its R1T pickup and R1S SUV aim to deliver more than 400 miles of range and are designed to provide a combination of performance, off-road capability and utility. Among the key attributes of the vehicles will be a wading depth of three feet, a new feature for an electric vehicle.

Amazon puts $700m into EV startup Rivian

Feb 19, 2019

Online retail giant Amazon has announced a $700 million investment in electric vehicle (EV) startup Rivian. Its R1T pickup and R1S SUV aim to deliver more than 400 miles of range and are designed to provide a combination of performance, off-road capability and utility. Among the key attributes of the vehicles will be a wading depth of three feet, a new feature for an electric vehicle.

CULA refreshes brand

Credit Union Leasing of America (CULA), the leader in providing indirect vehicle leasing programs for credit unions, has launched a brand refresh with a new logo, website design, and other brand elements designed to reflect a modernized approach. The brand refresh will be a continual process throughout the year. Updates to the CULA lessee and dealer portals are already in development.

CULA refreshes brand

Feb 19, 2019

Credit Union Leasing of America (CULA), the leader in providing indirect vehicle leasing programs for credit unions, has launched a brand refresh with a new logo, website design, and other brand elements designed to reflect a modernized approach. The brand refresh will be a continual process throughout the year. Updates to the CULA lessee and dealer portals are already in development.

Americas

Mobility trend could see US auto retail sales fall 29%

Feb 11, 2019

Retail auto sales in the US could drop as much as 29% as alternatives to traditional vehicle ownership becomes more accessible and affordable, according to research from Cox Automotive. The third phase of its evolution of mobility study found nearly half of consumers surveyed believe car ownership is too expensive, while more one-third (36%) are interested in reducing the number of vehicles they own in the next five years. Currently, in a typical month, 93% of miles traveled are in a vehicle that someone personally owns, while ownership alternatives only account for 3%.

Asia Pacific

Kuwait vehicle leasing market expected to deliver long-term growth

Feb 18, 2019

Kuwait’s vehicle leasing industry is expecting long-term growth on the back of an improving economy and a reduced reliance on the oil and gas sector, according to a new report. Following a recent slump in the oil and gas sector, leasing companies has increasingly focused on non-oil industries for revenue, including FMCG, telecom, healthcare, logistics and construction.