Rates fell this week in the wake of the most recent move by the Federal Open Market Committee. The 60-month new-car loan rate tumbled 4 basis points to land at exactly 7 percent. The 48-month new-car loan rate lost 4 basis points and is now 6.95 percent. The 36-month new-car loan rate shed 3 basis points to come in at 6.89 percent.

Used-car loans also experienced a shake-up with the 48-month and the 36-month used car loan rate dropping 6 basis points to 7.81 percent and 7.74 percent, respectively.

Small cars and crossovers are selling like hot cakes in these days of steep gas prices -- at least compared to trucks. On Friday, Katie Merx with the Detroit Free Press reported that April auto sales and overall light vehicle sales were down 6.9 percent from a year ago. Typically relying on sales of large trucks, U.S. automakers General Motors, Ford and Chrysler all ended April with slumping sales figures, but they have seen an increase in their sales of smaller vehicles.

-- Sheyna Steiner

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