Auto News for Aug. 13

A new study concludes that the total dollar volume for auto loans grew by $92 million from the second quarter of 2014 to the second quarter of this year. Experian Automotive said that is the largest dollar volume growth since 2006. But consumers are making their payments on time. The 30-day delinquency rate dropped to the lowest level for a second quarter period in the past five years. “The automotive loan market is working the way it’s supposed to, with loans being made, vehicles purchased and payment made on time,” said Melinda Zabritski, Experian’s senior director of automotive finance.

Tesla has filed for a public offering of 2.1 million shares and estimates the proceeds to be roughly $492.6 million. This will help the development of new vehicles and the Tesla Gigafactory outside Reno, Nevada.

So there is a new word in our vocabulary – Gigafactory. Yet, we don’t have dumps any more; we have “Transfer Stations.”

Mystery devices? A poll of professional auto theft investigators shows they are becoming increasingly convinced that so-called mystery devices aimed at breaking into vehicles are falling into the hands of criminals. An informal survey of investigators revealed that 74 percent believe the devices can unlock a vehicle and 36 percent believe they can be used to start one. Yet the National Insurance Crime Bureau said it has not confirmed a single reported vehicle theft of this kind. Officials said there may be a need for a more “robust” software code.

The best lease deal this month is on a Buick Enclave followed by the Chevy Spark, according to Kelley Blue Book. The top cash back, financing deal is on a Hyundai Elantra Value Edition, followed by the being phased out Toyota Venza.

 

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