According to the Federal Reserve’s Consumer Credit report for October 2011, Consumer credit increased at an annual rate of 3-3/4 percent in October. Revolving credit increased at an annual rate of 1/2 percent, and nonrevolving credit increased at an annual rate of 5-1/4 percent.
New car interest rates at automotive finance firms jumped in October 2011 to the highest levels this year, according to the Federal Reserve’s Consumer Credit Report for October 2011. The average interest rate for new car loans in October2011 was 4.73%, up 0.16%. This is the highest the interest rates have been this year.
The Federal Reserve’s data shows the average maturity levels for cars loans in months has stayed about the same at 62.3 months for September, down just .01%.
The amount financed has declined slightly to $26,673 in October 2011.