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Auto rates for May 30, 2013

 

I'm Doug Whiteman with your weekly look at auto loan rates. Auto loan rates were mostly lower this week in Bankrate's national survey. The average rate for a five-year new-car loan slipped 2 basis points to 4.1 percent, and the four-year new-car loan gave up 1 basis point to 4.03 percent. A basis point is one-hundredth of 1 percentage point.

Rates on used-car loans were lower as well, with the average rate on a three-year used-car loan going down to 4.71 percent.

A consumer group is pushing for Chrysler and its parent company, Fiat, to recall about 5 million Jeep Grand Cherokees produced from 1993 to 2004. In a letter to Fiat's chairman, the Center for Auto Safety claimed the sport utility vehicles are prone to catching fire after rear-end collisions. The New York Times reported that the group says fires since 2006 have killed three children. Fiat issued a statement saying the SUVs are not defective and that their fuel systems do not pose an unreasonable risk in rear-end crashes.

To shop around for the best rates on your next vehicle, use the free search engine at Bankrate.com. I'm Doug Whiteman.

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