Tag Archives: credit score

TransUnion: One-Third of Approved Auto Loans Are Subprime

With almost a third of all auto loans going to subprime buyers, it has never been easier to get an auto loan.

Figures from Experian and TransUnion, two of the 3 big credit bureaus, show that more people are getting approved for auto loans, and 32 percent of those auto loans are going to subprime borrowers. All these approvals for subprime borrowers have surprisingly not had an effect on the number of buyers who are delinquent 60 days or more on their payments. If anything, the rate has actually gone down from .94 percent in 2009 to .74 percent in 2012.

Industry insiders are attributing the low rate of delinquencies to consumers making their auto payments a higher priority. For many of these subprime borrowers, this is more than just buying a car. This is also a chance to rebuild their credit history and improve their credit score.

At Approved Loan Store, we work with customers every day who have a wide variety of credit standings. Some have stellar credit while others never established a credit history or they are struggling with subprime credit. We work with them to get a great car at terms they can afford, and we can do the same for you too!

Are you ready to get into a new or used car today? Get started by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Toyota Offers Major Discounts to New York Drivers

In an effort to match their 2012 sales, Toyota is offering massive discounts and refunds on the 2012 Prius plug-in including some deep price cuts for Manhattan-area drivers.

While these discounts will vary by region and dealership, New Yorkers can get approximately $6,500 off on a 2012 Prius plug-in or $4,650 off a 2013 Prius plug-in. They are hoping that the discounts will make car buyers take another look at Prius instead of going with other popular hybrid and electric models such as the 2013 Ford C-Max, the 2013 Nissan Leaf, or the 2013 Chevy Volt.

In an interview with Wards Auto, Toyota Div. Group Vice President Bill Fay acknowledged that the price cuts would make the Prius more competitive, but their main focus is making the car more affordable for the average driver. “I think we have to be cognizant of the world those shoppers are operating in…and we have to be sure we offer the same kind of value when they go to buy the vehicle.” This isn’t a bad idea considering that hybrids and electric cars have been relatively expensive in the past. Perhaps Toyota’s discounts will push more drivers to make the switch to a more environmentally-conscious car.

No matter what kind of car you are looking for, Approved Loan Store wants to help YOU get it! Good credit, bad credit, no credit, we will work with you to get the car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Chrysler Announces $374 Million Investment in Indiana Factories

At the end of January, GM announced that they would be investing $600 million into their Fairfax Assembly and Stamping Plant, their largest investment into a single plant to date. GM isn’t the only automaker putting funds back into their factories, though, as Chrysler announced late last week that they would be investing over $300 million into two of their factories.

The two factories, located in Indiana, will receive a total of $374 million in upgrades and approximately 1,250 new jobs. These factories were on the chopping block back in 2009 after Chrysler filed for bankruptcy, and it is fantastic that now in 2013, they are receiving such a major investment from Chrysler. Upgrades to the factories will address current safety risks and get them ready to produce 8-speed and 9-speed transmission.

In a press release, Chrysler CEO Sergio Marchionne praised the Indiana workers, calling the investment a “tribute to the character of the men and women of Chrysler” and crediting Chrysler’s success with its workers’ “ability and…willingness to think in unconventional ways in order to exceed expectations.”

Are you ready to get into a new or used car today? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get you a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Bob Lutz Credits GM Engineers for Success, Slams Eric Whitacre’s New Book

Auto industry journalists got the chance to show their snarky streak this week in response to Ed Whitacre’s book, American Turnaround: Reinventing AT&T and GM and the Way We Do Business in the USA. To say that some people are skeptical of Whitacre’s grand claims is being charitable.

Perhaps the most notable (and entertaining) news piece was Bob Lutz’s Forbes piece “How Ed Whitacre Saved GM In Just 10 Months, And Other Fables.” For readers unfamiliar with Bob Lutz’s career, he has a long history with GM. He started his career with GM in 1963 working in sales and marketing positions. He left the company in December 1971 to work in senior management positions for BMW, Ford Motor Company, and Chrysler among others, and he eventually came back to GM in 2001. When he retired in 2010, he was the vice chairman of General Motors.

It is fair to say that Bob Lutz is a man who knows GM from top to bottom, and he has no tolerance for any one person taking all the credit for GM’s turnaround or using it to peddle a simplistic business strategy. In his Forbes op-ed, Lutz wrote, “Ed Whitacre, who served as GM’s chief for exactly ten months…spent much of his time wandering around uncovering employees who were insufficiently entrepreneurial, cautious, or didn’t have enough ‘can-do’ spirit…If you believe any of this, I need to talk to you about ocean front property in Nebraska.”

Thankfully, Lutz takes a break from zingers for a few paragraphs to recognize who he thinks should take credit for GM’s turnaround. He mentions the Obama administration and his “fix-it team” including Steve Rattner, Ron Bloom, and Harry Wilson, and he points out that the recovery couldn’t have happened without their work on the financial restructuring of GM. Even more commendable, Lutz gave credit to the engineers and designers behind the 2009 thru 2012 models, the people who created the products that saved GM. At this point, he delivers a line that really sums up his entire piece. “WE did every one of those winning products for which some 90-day wonders would now like to be retroactively credited.” Ed Whitacre certainly had some impact on GM’s recovery. It would be silly to deny it, but for him to claim the credit for GM’s turnaround without also mentioning these designers and engineers is dishonest and wrong.

Readers, we want to hear from you! Have you read Whitacre’s book? Do you plan on reading it, and do you agree with Bob Lutz’s assessment of GM’s turnaround? Leave a comment below, and let us know what you think!

Are you ready to get into a new or used car today? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

JPMorgan Chase Names New Head of Auto Finance, Promises More Subprime Options

In recent years, JPMorgan Chase & Co has lagged behind the competition when it comes to auto finance, but they are hoping new leadership will turn their luck around.

JPMorgan Chase announced that Thasunda Brown Duckett would be heading up their auto financing, taking over for Marc Sheinbaum. Looking at the numbers, she has a lot of work ahead of her. According to Experian, JPMorgan Chase is the fourth biggest auto lender despite being the biggest bank in the United States, and with new leadership, it is clear that Chase wants to change that.

While Duckett has not set any plans in stone, she has hinted at opening up auto loans to customers with lower scores, saying there are “opportunities for us to expand that credit box to be able to help more customers.” Many of their competitors have already taken this step which might account for JPMorgan Chase trailing in auto loans. This change could give more options for car buyers with subprime credit to get a car and reestablish their credit history, and it could give JPMorgan Chase to be competitive in auto loans again.

If you are looking for a new or used car, Approved Loan Store wants to help YOU! Good credit, bad credit, or no credit, we will work with you to get the best terms possible on the car you’ve been looking for! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tip, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Distracted Driving Repairs Cost Drivers Greatly

With distracted driving a growing problem in the United States, auto repair shops are seeing a boost in business, but they aren’t necessarily happy about it.

A recent story from KXTV, an ABC affiliate in Sacramento, covered a local auto shop which has seen an increase in fender benders and other incidents caused by distracted driving. Repairs can cost hundreds or even thousands of dollars for, as KXTV put it, a few seconds of distraction. A fender bender can cost more than $2000 in repairs, and a side dent can cost as much or more than $500 depending on the vehicle.

Tyler, one of the auto shop employees, encouraged drivers to use technology that is available and on the market such as Bluetooth hands-free devices so that they don’t take their eyes off the road. “That brief second that you take a look to see who e-mailed you or texted you could cost you a significant amount of money.”

Repair shops might be happy about the extra business, but they would rather have safer roads for all drivers. There isn’t a text, a call, or an e-mail worth getting into an accident and putting yourself and others in danger. Get a hands-free system, or for a less expensive option, simply turn off your phone while driving.

Are you looking for a new or used car? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get you a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Image courtesy of Salvatore Vuono / FreeDigitalPhotos.net

Chevrolet Donates Hundreds of Vehicles For First Responders Training

Hundreds of thousands of vehicles were destroyed in Super Storm Sandy back in October including a substantial amount of new inventory. A question that people are starting to ask is what automakers will do with all these cars, seeing as they are unfit to sell, and Chevrolet is stepping up to make the best out of a bad situation.

Chevrolet announced this week that they will be donating 300 vehicles to Guardian Centers in Perry, Ga. The cars will be used to train first responders in a modern cityscape simulator. Chris Perry, the U.S. Vice President of Chevrolet Marketing, explained that many ports and dealer lots in the northeast were flooded, and if Chevrolet hadn’t donated the vehicles, they would have been destroyed. “We could not sell them, so instead of crushing them, Chevrolet is using these vehicles to help train those who respond to just such disasters.”

Guardian Centers’ founder and CEO Geoff Burkart has called these vehicles “essential” to the simulation experience. In a joint press release, Burkart thanked Chevrolet for their contribution, stating, “Chevrolet has given the millions of first responders throughout North America the ability to exercise in metropolitan scenarios that will look and feel just like their home cities…You can’t expect first response professionals to conduct realistic training in a sterile environment. Every metropolitan area in the world must deal with vehicle traffic and first responders should be provided a training environment that helps condition them for what they will face on the job.”

To learn more about Guardian Centers, visit their website at http://www.guardiancenters.com, and you can read the full press release from Chevrolet and Guardian Centers here.

Are you ready to get into a new or used vehicle today? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!

Study: New Cars More Dependable Than Ever

The new 2013 models are here, and while conventional wisdom would suggest holding out on buying until any kinks are worked out, a new study suggests that car shoppers might want to buy now.

The study, which was conducted by J.D. Power and Associates, found that customers had fewer problems with vehicles that were either completely new or recently re-launched. In the study, they monitored the 2010 model year and compared new or re-launched cars with carryover models. Carryover models had 17 more problems per 100 vehicles than the new models.

Among the car brands, Lexus performed the best, coming out as the most dependable on average, followed by Porsche, Lincoln, Toyota, and Mercedes-Benz. Buick, Honda, Acura, Ram, Suzuki, Mazda, and Chevrolet all managed to perform better than the industry average of 126 problems per 100 vehicles.

In response to the results, J.D. Power Vice President David Sargent praised the auto industry’s improved standards and encouraged consumers to consider new models, saying, “Consumers can buy a vehicle the first year it’s out on the market fairly safe in the knowledge that it’s going to be as dependable as a vehicle that had carried over from the previous year.”

Are you ready to get into a new or used vehicle? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get you a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, connect with Approved Loan Store on Facebook, Twitter, and YouTube!

Image courtesy of winnond / FreeDigitalPhotos.net

Bad Credit Auto Loan: Car Repossession Rate Drops

As lenders are getting more flexible with auto loan terms and approving more sub-prime auto loans, repossession rates are surprisingly dropping.

According to Experian Automotive, the repossession rate in the fourth quarter of last year dropped 28 percent. Though there was a slight increase in delinquencies during that same time, this statistic shows that car buyers are making their payments on time, even if they had subpar credit or no credit prior to getting the auto loan.

Hopefully the repossession rate will continue to drop. Many people with challenged credit are in need of another chance to rebuild their credit history, and one of the best ways to re-establish credit is with an auto loan. When lenders see that consumers are less likely to fall behind on their payments and go through repossession, they will be more willing to take a chance on someone with challenged credit.

Are you ready to get into a new or used car? Approved Loan Store wants to help YOU! Good credit, bad credit, no credit, we will work with you to get you a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, connect with Approved Loan Store on Facebook, Twitter, and YouTube!

Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Consumer Reports: Top 10 Cars We Would Buy Again

Repeat business and brand loyalty is extremely important in any industry, but it is especially important in the auto industry. Bad customer feedback can sink a model and cost an automaker greatly. Fortunately, there are plenty of vehicles on the market today that have repeat business, and Consumer Reports has compiled the top 10 cars that have customers coming back for more.

According to Consumer Reports, consumers said they would be most likely to buy the following cars again:

10/9. Toyota Camry hybrid and Ford Mustang V-8 (87 percent)
8/7. Dodge Charger V-8 and Audi A-6 (88 percent)
6. Lexus GS (89 percent)
5/4. Dodge Challenger V-8 and Audi A7 (90 percent)
3/2. Porsche 911 and Chevrolet Corvette (91 percent)
1. Chevrolet Volt (92 percent)

With only a 5 point range between tenth and first place, competition was tough this year. There was a tie for ninth, seventh, fourth, and second places. All of these automakers should be proud of these numbers, especially that the top 5 were at 90 percent or above. These are customer satisfaction stats that every company dreams of and rarely achieve, so consumers that are in the market for a new car should consider taking at least one of these 10 vehicles for a test drive.

Are you ready to get into a new or used vehicle? Approved Loan Store can help YOU! Good credit, bad credit, no credit, we will work with you to get a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and for more auto news and buying tips, like Approved Loan Store on Facebook, follow Approved Loan Store on Twitter, and subscribe to Approved Loan Store on YouTube!