Auto Sales

Mortgage Rates Tumble To 6-Month Lows

After a week of dismal housing data, a silver lining perhaps. The spike in U.S. mortgage rates since the November presidential election has been cut in half.

Wards Slashes 2017 Auto SAAR Forecast; Sees May Sales Down 1.9% YoY

"The seasonally adjusted annual rate for the month will be 16.9 million vehicles, down from 17.3 million last year.  While consumers will see substantial discounts this Memorial Day weekend, they are not expected to overcome the slowing demand in auto sales."

Biggest Subprime Auto Lender Skipped Income Verification On 92% Of Auto Loans

We first introduced readers to the "New Century of auto finance" (aka "Santander Consumer USA") several years ago when we first took note of one of their aggressive auto ABS facilities which sported an average FICO of 595, LTV of 110%, APR of 16.2% and a term of 70 months...but don't worry too much because they verified income on at least 8% of the loans in that pool.

Are Auto-Makers Bailing On Their Job-Creation Pledges?

Carmakers quickly kowtowed to Trump after his 'surprise' win in November, allowing the then-president-elect to take credit for their pledges to hire thousands of workers and keep U.S. factories open. At the time, fears of a 35% import tax were enough to keep them in line. But now that Trump is having trouble whipping votes in Congress, WSJ is asking: When will corporate America jump ship?

 

The Other Shoe Drops: Prime Auto Loan Losses Surge As Recoveries Tumble

With subprime auto loan delinquencies already surpassing losses last seen in the immediate aftermath of the financial crisis, the next shoe has dropped as losses in bonds tied to prime auto loans surged in recent months from a year ago, with 60+ day delinquencies and default rates in Prime ABS pools doubling from post-crisis lows.

Global Stocks Dip On Poor US Auto Sales, Apple Miss; Fed Decision On Deck

European, Asian stocks and S&P futures all fall as investors digested poor overnight news on Apple earnings and U.S. car sales, while the dollar rose in muted trading as investors contemplated chances of another rate hike next month ahead of today's Federal Reserve statement.