Here's a look at the state of auto loan rates from Bankrate.com's weekly national survey of large banks and thrifts conducted May 12, 2010.
Auto loansRates: 6.97 (60-month, new car); 7.72 percent (36-month, used car)
Auto loan rates were down slightly this week. The average rates for 48-month new-car loans and 60-month new-car loans each lost 1 basis point, falling to 6.99 percent and 6.97 percent, respectively. Rates for used-car loans fell slightly more, with the 36-month used-car average losing 2 basis points, to 7.72 percent.
This week GMAC, which was once a wholly owned finance arm of General Motors, changed its name to Ally Financial. The name change is an attempt to rebrand itself after being bailed out in 2008 and 2009 by the federal government. Ally, which financed 34 percent of GM sales and 42 percent of Chrysler sales in the first quarter of this year according to a report by The Detroit News, last week announced its first profitable quarter since 2008.
According to The Detroit News report, GM is considering buying back part of the lender to serve as a captive finance arm, but any such deal would have to be approved by the Treasury Department, which owns 61 percent of GM and 56.3 percent of Ally.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell