Mary Barra's not playing. Tesla and Ford Motor Co. may be engaged in an EV price war but General Motors Co. CEO isn't going there. That comes as overall auto loan interest rates are likely to rise adding further challenges to financially-stressed consumers.
... [+]“When we look at our strong current product portfolio and the interest that we have at the prices that we've always already announced, we feel that we're well positioned,” said Barra. “Even going into the first month of the year, we've seen a very strong customer interest in our products, and so, you know, we think right now we're priced where we need to be. Of course, we're going to monitor it and we'll make sure we remain competitive.
“The volume weighted average new auto loan rate on Dealer Track so far in January has increased another 39 basis points to 8.41% and is up 311 basis points year over year,” reported Smoke. “The volume weighted average used auto loan rate is up 52 basis points to 12 point 88% and is up 348 basis points from a year ago. That change in auto rates causes payments to increase by 10%.”
Smoke reported the share of new vehicle financing transactions featuring a 0% annual percentage rate increased to 5.9% in January, mostly at the beginning of the month but would rise even further.
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