Car loans contribute to credit growth in January

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Posted in Auto Loans & Financing News

The Federal Reserve is reporting that consumer credit rose by $5 billion in January, the fourth straight month of an increases, signalling a strong shift in the availability of credit for buyers.

Monthly reports from the government agency track both revolving (money charged to credit cards) and non-revolving (money tied up in loans) lines of credit. While revolving credit actually fell by $4.25 billion in January as compared to the prior month, non-revolving credit rebounded in a big way, with an increase of $9.26 billion.

With the spike in loans coinciding with a strong surge in car sales, many analysts believe that auto loans are driving the movement forward.

"Auto sales have been doing well and today’s report is a reflection of that," Neil Dutta, an economist at Bank of America Merrill Lynch in New York, told Bloomberg. "Credit standards remain tight – we’re seeing that with credit cards – but at the margin we’re seeing some loosening, such as auto finance."

With so many drivers seeking out car loans and lenders being more willing to offer them, it's a great time to be in the market for a new vehicle. Drivers who shop at New Jersey State Auto Auction can select from a wide range of cars for sale and a variety of auto finance options to get in the vehicle of their dreams.

Audi reveals green initiatives for next two years

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Posted in Audi

Audi has detailed some of its plans for diesel engines and electric hybrids over the next few years, promising diesel engines for U.S. models and an all-electric car by 2013.

Johan de Nysschen, president of Audi's American division, said today that the Audi A8, A6 and Q5 will all be getting diesel options within the next 24 to 30 months, according to Car and Driver. Nysschen did not elaborate on the specific engines that would be offered, but Car and Driver believes the A8 and A6 will be getting the diesel V6 from the Q7 TDI while the Q5 will source a four-cylinder from the Volkswagen Golf TDI.

When asked about the Audi A4, Nysschen said that the current iteration of the car was unfortunately not designed with a diesel engine in mind. Fans of smaller sedans with diesel engines will have to wait until the car undergoes a redesign, which is scheduled for 2014 or 2015.

In addition, the company announced that it will have its first electric vehicle on the market by 2013 as well. Audi did not provide any specifics as to what type of car it will be going with for its first foray into electric vehicle technology.

Drivers in the market for an Audi may want to shop New Jersey State Auto Auction, which offers a number of luxury cars for sale at affordable prices.

Car buyers responding to fuel price increases

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Posted in Auto Industry News, Toyota

The whims of car buyers can change frequently, but one of the biggest influences in purchasing decisions is the current state of fuel prices.

When fuel prices were down throughout 2010, many automakers reported sales gains for SUVs and pickup trucks. However, now that the average price for a gallon of gas is back up to $3.50, shoppers are increasingly looking to hybrids and compacts, USA Today reports.

A recent survey by AutoTrader found that 53 percent of respondents indicated that they were considering switching to a more fuel-efficient vehicle as a direct result of rising prices. A similar poll by Kelley Blue Book found that four out of five consumers were influenced by gas prices in February, which was an 11 percent increase over January.

Those trends are showing up in sales figures as well. As compared to February 2010, Toyota's Prius hybrid saw a 70 percent increase in sales last month, according to AutoData. The Honda Civic and Ford Fusion hybrids similarly saw increases of 54 and 12 percent, respectively.

Drivers looking to save money on their next vehicle may want to consider New Jersey State Auto Auction. The company offers a wide range of a fuel-efficient cars for sale at affordable prices. 

Honda, Chrysler and Toyota announce recalls

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Posted in Auto Industry News, Toyota

Three major automakers have issued recall notices for some popular used car models, with nearly 75,000 vehicles recalled in total.

Honda recalled the most vehicles, with the company putting out a notice for more than 35,000 Civic Hybrids in the 2006 and 2007 model years. The company says that there may be a problem with the cars' voltage converter, which provides power to the motor. Should the converter fail, the engine could possibly stall. Honda claims that seven people have contacted the automaker with reports of stalling, while 82 warranty claims were made with regard to the converter.

Toyota will also be recalling vehicles, specifically FJ Cruisers, Sequoias, Tacomas, Tundras and Land Cruisers made between 2008 and 2010. Approximately 22,000 of these vehicles may have an issue with the tire pressure monitoring system, which may fail to notify a driver when their tires are running low on air.

Finally, Chrysler has announced that it will be recalling nearly 20,000 Jeep Wranglers from the 2010 and 2011 model years, with the issue being attributed to the fasteners on the axle. The company revealed that the fasteners may become loose, which could potentially cause a loss of control in the vehicle.

Drivers in the market for a new or used vehicle should consider New Jersey State Auto Auction, which offers a wide range of vehicles at affordable prices.

GM to unveil new Colorado in Thailand

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Posted in Chevrolet, General Auto News

General Motors has unveiled the first teaser image of its new Chevrolet Colorado pickup truck, but it may be some time before U.S. audiences get to drive it.

While Chevy's marketing tends to play up the American aspects of its vehicles, the new pickup won't be debuting in North America first – that honor goes to Thailand. The truck will make its world debut at the Bangkok International Motor Show on March 25th.

"Thailand was chosen as the site of the global debut because of the popularity of pickup trucks and the growing importance of the Thai market to Chevrolet," a GM press release says. "In 2010, the pickup truck segment alone accounted for 43 percent of vehicles sold in Thailand. The new Colorado will go on sale in Thailand later this year."

In fact, the truck hasn't even been officially confirmed that it will appear in American showrooms at all, although PickupTrucks.com previously reported that both the Colorado and a new version of the GMC Canyon are on the way.

The new Colorado appears to retain the medium size of its predecessor while also taking some design cues from the Chevy Equinox SUV, which has been a big hit for GM.

Drivers in the market for a pickup truck may want to head down to New Jersey State Auto Auction, which has a wide variety of makes and models available for purchase.
 

Mercedes shows off C-Class Coupe

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Posted in Auto Industry News, Mercedes-Benz

Mercedes-Benz has pulled the lid off of its new C-Class Coupe, a model that is sure to go head-to-head with BMW's similar 3-Series offering.

The C-Class is somewhat of a replacement for the company's CLK Coupe, which was discontinued in 2009. However, the new version is both smaller and less expensive than the previous model. According to AutoBlog, the coupe shares many similarities with the C-Class Sedan, with the key difference being the shape and size – the roofline on the coupe is 1.5 inches lower than the sedan, giving it a noticeably sleeker and more aerodynamic look.

Drivers will have a choice between a 201-horsepower four-cylinder or 304-horsepower V6, the same two engines offered on the sedan version. Mercedes is claiming a zero-to-sixty time of less than six seconds for the V6 version of the coupe.

Those who want true power may want to hold out a bit, however, as the C63 AMG version of the coupe is expected to be unveiled later this year and provide a serious upgrade in performance.

Drivers interested in a Mercedes-Benz or any other vehicle may want to shop New Jersey State Auto Auction, which offers a wide range of new and used cars for sale at affordable prices.
 

AAA highlights top technological upgrades

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Posted in Ford, General Auto News

AAA has announced its biennial picks for the best new technologies in the auto industry, highlighting some of the improvements that manufacturers have made over the past two years.

"Every model year, automakers find new ways to employ technology in their vehicles to enhance the driving experience," said John Nielsen, AAA National Director of Auto Repair and Buying Services. "While many of the innovations continue to focus on safety and performance, we're also seeing more new technologies that address the environmental impact of the vehicles we drive, which is evident in this year's list."

Some of the top models that the company highlighted on the environmental front included all-electric vehicles like the Nissan Leaf and plug-in hybrids like the Chevrolet Volt. Other companies making strides in envrionmental technology included Volkswagen and Mercedes-Benz' clean diesel engines and Mazda's start-stop technology.

In terms of safety, the group praised the inflatable rear seatbelts soon to debut on Ford and Mercedes vehicles. It also liked the new "curve control" on the Ford Explorer, which can sense when the SUV is about to rollover and limit the damage.

Although new technology can make driving safer and more enjoyable, it can carry a hefty price tag. Budget-conscious drivers may want to wait till the new features hit the used car market, then snag them for a discount at New Jersey State Auto Auction.

Cadillac surprises, but BMW still on top in February

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Posted in Auto Industry News, BMW

BMW had the best month among luxury automakers in terms of pure sales figures, but the real surprise was Cadillac, which was able to leapfrog both Lexus and Mercedes-Benz for the second-highest total in February.

Cadillac sold nearly 16,000 cars in February as its sales rose 70 percent from February 2010. BMW was still able to outsell the brand buy about 700 cars, with an 8.7 year-on-year increase. Mercedes came in third for the month with a 4 percent increase, while Lexus' sales remained even and kept it in fourth.

Although the massive sales spike was certainly welcome news for the Detroit automaker, analysts are hesitating before jumping on the General Motors bandwagon.

"GM offered aggressive incentives to employees and friends in February," Jesse Toprak of TrueCar told Bloomberg. "That helped GM and clearly helped Cadillac." Cadillac's incentives in February averaged out to nearly $5,000 per vehicle.

Drivers interested in a luxury car or any other vehicle may want to visit New Jersey State Auto Auction. High-end vehicles are typically pricey when bought new, so browsing through a wide range of used cars for sale can help buyers find the perfect car at a more affordable price.

Auto loan delinquency rate stablizes

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Posted in Auto Loans & Financing News

The auto loan delinquency rate, which tracks loans with payments that are more than 60 days late, remained relatively flat in the fourth quarter of 2010, although the figure was well below that of the same period in 2009.

According to TransUnion, one of the three major credit bureaus, 0.59 percent of all car loans were delinquent in the fourth quarter in 2010, a very slight increase from the 0.58 percent in the third quarter. However, the rate was still a 27.2 percent improvement over the fourth quarter of 2009.

"As expected, the national delinquency rate changed very little during the fourth quarter as this period typically exhibits the least amount of seasonality," said Peter Turek, automotive vice president for TransUnion. "The good news is that TransUnion expects national auto delinquency rates to continue to be well below the peak of 0.86 percent – a rate experienced during the heart of the recession in the fourth quarter of 2008."

The credit bureau predicts that the figure will remain relatively stable throughout 2011, and won't approach the levels seen during the recession. Specifically, the company is forecasting a rate of nearly 0.48 percent for around mid-June, before jumping back up to 0.56 before the end of the year.

Drivers interested in financing their new or used vehicle purchase may want to visit New Jersey State Auto Auction, which offers car loan solutions for all buyers.
 

Ford to recall more pickup trucks

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Posted in Auto Industry News, Ford

Ford is again recalling a slew of pickup trucks, just days after the automaker was forced to call back many used Ford F-150s for a problem related to airbags.

The new recalls include 23,688 Ford Rangers from 2010, specifically those equipped with the 2.3-liter engine. In addition, nearly 15,000 F-150, F-250, F-350, F-450, F-550, Edge and Lincoln MKX models are being called back for a second time.

For the Rangers, the issue appears to be with the fuel lines. The automaker says that a protective layer near the lines may not properly be installed. Eventually, this could potentially cause a fuel leak, although the company has received no reports of fires thus far.

The second grouping of vehicles are related to issues with the body control module (BCM). Ford believes that an electrical short within the BCM could potentially cause a fire – but again, no problems have been reported. A similar subset of vehicles was recalled in December, but the automaker believes that an issue with the vehicle diagnostic systems may have caused some trucks to be missed.

Last week, Ford announced a recall for 135,000 F-150s due to an airbag that could inadvertently deploy. The National Highway Traffic Safety Administration previously requested Ford to recall 1.3 million pickup trucks, but the automaker claimed only 135,000 were affected. The two groups are currently determining whether the recall was sufficient or if more action needs to be taken.