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Auto Loan Interest Rates Hit 10-Year High

The annual percentage rate on new financed vehicles is expected to average 6.36% in March, compared to 5.66% last year and 4.44% five years ago, according to the latest report from Edmunds.

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In Memoriam: NextGear Capital's Founder Fuller

John Fuller, founder of NextGear Capital, died Wednesday at age 75, the company announced. Fuller is known throughout the auto retail industry as an innovator in the floorplanning segment, having founded and sold Automotive Finance Corp. and Dealer Services Corp., the latter to Manheim.

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Embattled Wells Fargo Chief Steps Down

Wells Fargo directors said an external candidate will replace Wells Fargo President and CEO Tim...

Tim Sloan, president and CEO of Wells Fargo & Co., will retire June 30, the bank announced. General Counsel Allen Parker will serve as interim chief executive while the search for a new leader is conducted.

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Auto Loans Reach $1.14 Trillion

Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade...

Average monthly payments for new-vehicle purchases ($530), new-vehicle leases ($430), and used vehicles ($381) all reached new highs, growing by 4% to 6% year-over-year. Auto loans now account for a full 8% of all outstanding consumer debt — up from 6% just a decade ago.

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KAR Hires VP for Recovery Database Network

John Sibbitt, vice president of business development for its Recovery Database Network

KAR Auction Services has hired John Sibbitt as vice president of business development for its Recovery Database Network, which provides banks and credit unions with software and data solutions to manage repossession and the disposition value chain, KAR has announced.