From all the stories in the press, the financial markets continue to push downward the “doom and gloom” scenario of the subprime lending fiasco. Where is it landing? It’s headed towards the auto finance marketplace. What is being said on the street is that the major lenders have no money to lend as they try and cover their losses from the subprime blow up. Has there been any sign of that? Yes, in new car purchases but certainly not in auto refinance loan approvals or applications. We are seeing the lenders looking favorably at the thousands of refinance applications that we receive and have see a dramatic increase in not only applications but with refinance fundings. It’s a good time to investigate since there are not costs associated with an auto refinance inquiry. What have you got to lose? Lower rates mean lower payments and lower costs. Not a bad thing.
Read more at the Press Release posted on PR Leap.