National auto loan rates for Aug. 12, 2010
Interest Rate Roundup
- 6.78% (60-month, new car)
- 7.56% (36-month, used car)
Auto loan rates were down across the board this week. Average rates for a 48-month, new-car loan and a 60-month, new-car loan each tumbled 9 basis points, to 6.81 percent and 6.78 percent, respectively. Used-car rates dipped as well; the benchmark 36-month, used-car rate was down 6 basis points to 7.56 percent.
This week a government investigation into alleged problems with the Toyota's electronic throttle control systems found that driver error, not mechanical problems, were behind the collisions, according to The Financial Times. The finding came as part of a report by the National Highway Traffic Safety Administration delivered to Congress. Investigators found no evidence of mechanical defects that could cause unintended acceleration beyond those already addressed in recalls.
The finding was a much-needed victory for Toyota, which has been beset by months of bad press and costly recalls related to unintended acceleration caused by jamming accelerator pedals.
-- Claes Bell