Fed Reveals Latest Average New-Vehicle Loan Rate by Commercial Banks
WASHINGTON, D.C. — The Federal Reserve still hasn't resumed its regular reporting on averages for new-vehicle loans by finance companies. But officials late last week did share the latest average by commercial banks.
The Fed determined the average interest rate on a 48-month, new-vehicle loan from a commercial bank came in at 5.81 percent in May. For the first quarter, the commercial bank average was 5.86 percent.
Officials also stated in its latest update that, "Consumer credit increased at an annual rate of 2.5 percent in May. Revolving credit increased at an annual rate of 5 percent, and non-revolving credit increased at an annual rate of 1.25 percent."
Back in April, the Fed indicated the statistical foundation for this series of updates that previously included captives has "deteriorated" in the past few months.
"Therefore, publication of these series is temporarily being suspended," the Fed acknowledged at that time. "The statistical foundation is in the process of being improved, and publication will resume as soon as possible."
The trends officials had included in previous updates ranged from averages for loan-to-value ratio as well as the average amount financed.