Finance Insurance

Finance incentives push down interest rate in May but lose luster

The percentage of U.S. consumers who obtained new-vehicle financing at rates lower than 4 percent jumped 15 percent in April, Cox Automotive said, and remained at high levels throughout 2020. (DAVID PHILLIPS)
June 03, 2020 03:53 PM

Aggressive incentives bolstered the new-vehicle market in May, dragging down the average interest rate on a loan to its lowest level since 2013, Edmunds said. But as the parade of finance deals marched through Memorial Day, fewer buyers took the bait.

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