DALLAS — Comerica Bank's latest Auto Affordability Index
indicated the purchase and financing of an average-priced new vehicle took 23.6
weeks of median family income in the fourth quarter of 2012.

Bank analysts determined consumers on average spent $900 more
on new vehicles in the fourth quarter than they did in the third quarter of last
year.

"Auto affordability slipped slightly in the fourth quarter
of 2012, declining by 0.4 weeks of median family income," said Robert Dye, chief
economist at Comerica Bank.

"Driving the decrease in affordability was a combination of
slightly higher interest rates and an increase in the average consumer
expenditure per new car," Dye continued. Although median family income was also
estimated to have increased, this increase was not enough to offset the rise in
rates and expenditures."

In his index analysis, Dye also touched on activity during
the early of portion of this year as well.

"Vehicle sales through January have held up well although
there has been a distortion in the recent sales data due to Hurricane Sandy,"
Dye said. "Sales surged after Hurricane Sandy to a 15.5 million unit rate in November
and have since dipped to a 15.2 million unit rate by January. Downside risk
from cuts in federal spending still lurks for auto sales and many other U.S.
economic variables through the first half of 2013."

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