Gold mine of 0% auto loans aims to rev up sales

May 24, 2020 / dlvr.it / Article Link

Each May, we Americans give tribute to those in the military who have paid the ultimate price serving their country. This Memorial Day is all the more poignant as we also remember family, friends and colleagues who have fallen to the coronavirus, a deadly, invisible enemy.The pandemic has slammed the U.S. economy, triggering bankruptcies and putting millions out of work. Goldman Sachs warned earlier this month that the unemployment rate could hit 25%.But while millions of Americans hunker down, worried about their livelihoods and wary of the next wave of COVID-19 that health experts warn will hit later this year, there's a glimmer of positive news if you recently bought or leased a new vehicle or are shopping for one.To jumpstart business and reduce customer stress, the auto industry has come up with measures ranging from online shopping and contact-free transactions, to a flood of incentives, including rebates, spiffs for brand loyalty, 0% or low-interest loans, deferred payments and no-hassle lease extensions. In fact, TrueCar said buyers on average saved 10% off their vehicle's manufacturer suggested retail price (MSRP) in April, compared to 8.6% last April.According to Edmunds, 0% finance deals accounted for 25.8% of financed purchases in April.Read full news

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