Archive for the ‘Leasing’ Category

Tough to Find a Good Deal on a New Vehicle? Here’s a few

Best deals on sport-utilities right now.

by on Apr.05, 2019

Looking for a good deal this month: The 2019 Jaguar I-Pace tops the list.

U.S. new car sales fell 5% in March, following the trend for the rest of the first quarter, in part due to rising interest rates on loans paired with falling incentives. In short, buyers can’t find a good deal on a new car, truck or sport-utility.

Fortunately, U.S. News & World Report offers up its monthly “best deals” list, and despite the less-than-ideal conditions buyers are currently dealing with, there are some good deals to be found in April, the editors note.

The Last Word!

“There are some mixed conditions out there for car shoppers,” said Jamie Page Deaton, executive editor of U.S. News Best Cars.  (more…)

Analysts Predict New Vehicle Sales to Slide 2.1% in March

J.D. Power, LMC Automotive say bad weather, lower refunds are culprits.

by on Mar.26, 2019

U.S. new vehicle sales are expected to fall 2.1% in March compared with the year-ago period.

U.S. auto sales were predicted to fall this year, and due to bad weather, lower-than-expected tax refunds and some mixed economic inputs, March auto sales are expected to help ensure that prophesy comes true.

New vehicle sales will drop 2.1% this month compared with year-ago results, according to industry consultants J.D. Power and LMC Automotive. The pair are forecasting total U.S. vehicle sales of about 1.56 million units in March.

Product News!

Retail sales are expected to hit 1,195,000 units, which is a 3.4% decline. First quarter sales this year will be at their lowest levels since 2013 at about 2.94 million vehicles, and a drop of 4.9% compared with the same period a year ago. (more…)

“Boutique” EV Company, Now Named Canoo, Plans to Market by Subscription Only

Former Evelozcity, wants to change the way cars are designed, built and marketed.

by on Mar.26, 2019

Canoo's leadership team is looking to change the way electric vehicles are built and bought.

In a market crowded with wannabe battery-car manufacturers, Los Angeles-based Canoo hopes to create a niche for itself with what’s its describing as a vehicle using “minimalist design that maximizes interior space.”

“Boutique” start-up Canoo is trying to to pitch itself as the alternative to conventional automotive manufacturers, as well as some of its new EV competitors, among other things by “Liberating you from the tyranny of auto ownership.” That translates into offering its planned products only through a subscription service.

Electrifying News!

Originally known as Evelozcity, Canoo has yet to show any of the vehicles it’s planning to bring to market, something that might raise questions about the start-up’s viability. But to gain at least a little credibility, the company has announced it is hiring three battery-car veterans from BMW and rival EV wannabe Faraday Future. (more…)

Used Car Sales Tracking at Record Pace as New Car Sales Fade

Higher prices on new vehicles, large number of off-lease cars spur move.

by on Mar.22, 2019

Used vehicle sales are on the rise and appear likely to set a new record again in 2019.

New car sales are on a very slow decline in the U.S., part of that decline is the appeal of used vehicles which are expected to hit a record of more than 41 million units in 2019, after setting a new record last year of 40.2 million.

What’s driving trend? Increased prices on new cars is making them less appealing, the interest rate hikes are pushing folks out of the new car market. However, they can certainly afford a used vehicle that comes with a much lower price tag that offsets the higher interest rates charged for used over new cars.

Business News!

On top of all that, according to Edmunds.com analysts, the industry is expecting a record number of lease returns this year will give shoppers more options than ever in the used market. (more…)

Poor February Auto Sales Confound Analysts

Industry to see run on new leases in next few months.

by on Mar.07, 2019

Winter weather and rising prices kept sales down in February, surprising some analysts.

After of drop sales in February of 2.8%, the auto industry is facing unsettled times during the next few months, analysts predict.

“February had a lot of good economic news to support a healthy vehicle market outlook, but that may not be coming to pass. The stock market has had a tremendous ride since the start of the year and consumer confidence, which took a tumble in January, has regained much of its decline,” observed Charlie Chesbrough, Cox Automotive senior economist.

News You Can Trust!

“With January’s government shutdown and record-breaking sub-zero temperatures in the rearview mirror, we expected a general upward lift in February,” he said. (more…)

Tesla Boss Musk Teases Big Announcement

What's coming later today? Nobody really knows.

by on Feb.28, 2019

Tesla CEO Elon Musk plans to reveal something new at 2 p.m. Pacific Time today.

Elon Musk is creating more news. Fortunately, this time it won’t – or shouldn’t – involve the U.S. justice system.

Musk changed his name on Twitter to Elon Tusk and announced the company would be making an announcement at 2 p.m. Pacific Time today. He didn’t provide any other details, and has since changed his name back to Elon Musk.

News Now!

Naturally this sent followers, analysts and industry observers a buzz with anticipation. One analyst, Adam Jonas of Morgan Stanley decided to take a stab at what he thinks is coming later today on the webcast. (more…)

Tesla Readying to Lease Model 3s to Employees

EV Maker's general counsel departs.

by on Feb.20, 2019

Tesla is readying to offer leases on its new Model 3 to employees to help boost demand for the sedan.

Tesla Inc. is readying for the next step in the evolution of its Model 3: leasing.

According to Electrek, the Palo Alto, California-based EV maker is looking to boost demand for the new mainstream sedan by offering employees a leasing program for the vehicle. Initial reports suggested the program would be in place in as little as two weeks.

Electrifying News!

The leasing availability was outlined in an email to employees. However, the company denied it will be ready that quickly, although did confirm it was coming. (more…)

Auto Loan Delinquency Rate Higher than Great Recession

Young buyers finding it tough to make car and student loan payments.

by on Feb.13, 2019

Auto loan delinquencies are on the rise, and are higher than during the Great Recession.

The Federal Reserve Bank of New York reports that more than 7 million Americans are delinquent on auto loans, even more than during the Great Recession.

The figures, which were part of New York Fed’s quarterly report on household credit, suggest that many consumers are having a difficult paying their bills. Rising prices for both new and used vehicles also are factor, economists said.

Business News!

“Although rising overall delinquency rates remain below 2010 peak levels, there were over 7 million Americans with auto loans that were 90 or more days delinquent at the end of 2018. That is more than a million more troubled borrowers than there had been at the end of 2010 when the overall delinquency rates were at their worst since auto loans are now more prevalent.  (more…)

Rising Interest Rates Will Drive Auto Sales Down in 2019

Edmunds predicts rates will continue upward.

by on Jan.03, 2019

Rising interest rates and falling incentives are expected to combine to drive down new vehicle sales in 2019.

The Federal Reserve raised interest rates throughout 2018 and, as observers expect to confirm today, new vehicle sales rose year-over-year. However, experts predict that will be a one-time occurrence.

There was a dip in automotive interest rates at the end of the year to help with holiday sales. New vehicle rates averaged 5.9% in December, according to Edmunds.com, after averaging 6% in November, which helped drive a strong end to the year.

Business News!

However, that average was largely driven by banks and other lenders rewarding buyers with excellent credit special low-interest loans rather than an overall shift downward. (more…)

Tesla Sets Up Leasing Company in China, Adds Two New Directors

Company as Oracle founder Ellison to board of directors.

by on Dec.28, 2018

Tesla Inc. established a leasing operation in China: another step toward growing sales in China.

Tesla Inc. is growing internationally while simultaneously resolving its battle with federal regulators in the United States.

The California-based electric-vehicle maker registered a wholly owned financial leasing company in China, with registered capital of $30 million, according to China’s National Enterprise Information Publicity System.

News Now!

The move to open a leasing operation in China falls in line with its plans to begin selling and building its cars in China. The company is seeking contractors to build its $2 billion gigafactory near Shanghai. The company has been moving quickly to establish a hold in China since the government eased local ownership laws for foreign EV makers. (more…)

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