Here's a look at the state of auto loan rates from Bankrate.com's weekly national survey of large banks and thrifts conducted Jan. 27, 2010.
Auto loans
Rates: 6.68 percent (60-month, new car); 7.66 percent (36-month, used car)Auto loan rates took a major slide this week. Average rates on new-car loans of the 48-month and 60-month varieties fell significantly, each giving up 17 basis points, to 6.7 percent and 6.68 percent, respectively. Rates for used-car loans were down more modestly; the 36-month used-car average backed up just 4 basis points, to 7.66 percent.
Toyota gave word today that it would stop selling eight of its most popular vehicles because of concerns about sticking gas pedals that have in some cases led to unintended acceleration. None of the company's 2010 RAV4, Corolla, Matrix, Avalon, Highlander or Sequoia models will be available for sale on dealer lots. Sales of some versions of the company's Camry sedan are also affected, as are earlier years of several models, going all the way back to 2005 in the Avalon's case. Lexus and Scion vehicles aren't part of the sales moratorium.
So far, Toyota has been forced to recall 2.3 million vehicles due to the sticking accelerator defect. If you own a late-model Toyota vehicle from any of the affected lines, you should contact your dealer immediately.
To find updated auto rates in your area, visit Bankrate's auto rate table.
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-- Claes Bell