WASHINGTON, D.C. — While the Federal Reserve still hasn’t resumed its regular reporting on averages for new-vehicle loans by finance companies, officials late last week did post the latest average by commercial banks.
The Fed indicated the average interest rate on a 48-month, new-vehicle loan from a commercial bank came in at 5.07 percent in February. For the fourth quarter, the commercial bank average was 5.40 percent.
Officials also stated in its latest update that, “Consumer credit increased at an annual rate of 4.25 percent in February.
“Revolving credit declined at an annual rate of 3.25 percent, while non-revolving credit increased at an annual rate of 7.75 percent,” they added.
Back in April of last year, the Fed acknowledged the statistical foundation for this series of updates that previously included captives had “deteriorated.”
So the Fed said at that time, “Therefore, publication of these series is temporarily being suspended. 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.