Equifax Inc. reported recently that new credit for auto loans reached an eight-year high in January and February 2013, as calculated by total dollar amounts loaned. For that two month period, new auto loans were 70% higher than in the same period in 2009. Equifax reports that 2.5 million auto loans were made in this same two month period. Equally impressive, the rate of severely past-due auto loans dropped to 1.75% – over 15% lower than a year ago.
Additionally, pickup truck sales in May increased 8.2 percent from May of last year. The increase demonstrates a spring surge in construction and other industries. The sales have not only been for the home construction industry, but also for small businesses. Increased sales of pickup trucks also helped to push up the average price of vehicles sold by 2% compared to last year according to estimates by TrueCar.com.
The Auto industry is often a key indicator of the economy as a whole and these promising statistics point upward!
This blog is made available by Foley & Lardner LLP (“Foley” or “the Firm”) for informational purposes only. It is not meant to convey the Firm’s legal position on behalf of any client, nor is it intended to convey specific legal advice. Any opinions expressed in this article do not necessarily reflect the views of Foley & Lardner LLP, its partners, or its clients. Accordingly, do not act upon this information without seeking counsel from a licensed attorney. This blog is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. Therefore, any communication or material you transmit to Foley through this blog, whether by email, blog post or any other manner, will not be treated as confidential or proprietary. The information on this blog is published “AS IS” and is not guaranteed to be complete, accurate, and or up-to-date. Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Foley or any of its partners, officers, employees, agents or affiliates be liable, directly or indirectly, under any theory of law (contract, tort, negligence or otherwise), to you or anyone else, for any claims, losses or damages, direct, indirect special, incidental, punitive or consequential, resulting from or occasioned by the creation, use of or reliance on this site (including information and other content) or any third party websites or the information, resources or material accessed through any such websites. In some jurisdictions, the contents of this blog may be considered Attorney Advertising. If applicable, please note that prior results do not guarantee a similar outcome. Photographs are for dramatization purposes only and may include models. Likenesses do not necessarily imply current client, partnership or employee status.
