Banks cannot lend for miscellaneous items in edu loan: HC

Madras High Court Bench here today ruled that banks cannot be asked to lend finance for miscellaneous items as part of educational loan.

Partly allowing an appeal filed by the State Bank of Indias Bodinayakanur branch against a single judge order, a bench comprising Justices N Paul Vasanthakumar and P Devadoss directed the bank to sanction Rs 3.10 lakh, instead of the Rs 4.45 lakh claimed by the student doing MCA course.

The single judge had earlier directed the bank to provide Rs 4.45 lakh, allowing the girls plea that the money was absolutely necessary for her to complete the course.

The bench pointed out that the educational institution, Bannari Amman Institute of Technology (Sathyamangalam), had given educational expenses certificate totalling to Rs 4.45 lakh of which Rs 1.35 lakh was under the head other miscellaneous expenses.

The miscellaneous items found expressed in different forms.

Banks cannot be asked to lend finance to these items also, the court held.

Ally, Wells Fargo still tops in providing auto loans

Ally Financial Inc. and Wells Fargo amp; Co. remained the nation’s largest providers of auto loans, according to a report released Tuesday by SNL Financial.

Ally had $60.4 billion in auto loans in the first quarter, down 6.7 percent from the fourth quarter. Auto loans represent 52.5 percent of its loan portfolio.

Late auto-loan payments edged higher in 1Q – WBAY

By ALEX VEIGA
AP Business Writer

LOS ANGELES (AP) – Banks are increasingly extending auto-loan financing to borrowers with less-than-sterling credit, a trend thats contributing to a higher rate of missed loan payments.

The rate of US auto-loan payments late by 60 days or more rose to 0.88 percent in the first three months of the year, credit reporting agency TransUnion said Tuesday.

Thats up from 0.82 percent in the first quarter last year, but down from 1 percent in the last three months of 2012, the firm said.

Among subprime borrowers, or those whom lenders deem a higher credit risk because of their track record of managing debt, the delinquency rate jumped to 5.5 percent in the first quarter from 5.09 percent a year earlier.

Steady job gains, low interest rates and improving consumer confidence have helped spur US sales of cars and trucks. Many Americans are moving to replace older vehicles after holding back on purchases for several years following the last recession. Vehicle sales climbed 8 percent in May to 1.4 million.

Lenders have responded, making loans available to more borrowers, even those with less-than-perfect credit.

Lenders have determined that their portfolios can handle additional risk at this point in the business cycle, said Peter Turek, automotive vice president at TransUnion.

As lenders continue to increase financing to high-risk borrowers, theres a greater chance those borrowers could fall behind on payments, Turek added.

Subprime borrowers accounted for 15 percent of all US auto loans in the first quarter, unchanged from a year earlier. That share of all auto loans remains smaller than it was in the first three months of 2009, when subprime loans made up 20.3 percent of all auto loans, according to TransUnion.

All told, auto loan volume grew 6.1 percent in the first quarter versus the same period last year.

As lending has picked up, so have average balances on auto loans.

One reason for that is that banks are making more auto loans, which tend to have higher balances early on, as it typically takes several years for borrowers to pay them down.

For the January-March period, the average balance of a US auto loan was $13,260, up 4 percent from $12,755 in the same period last year, the firm said.

Among subprime borrowers, the average auto loan balance grew 6.6 percent to $12,006 in the first quarter.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Leasing Hits New Highs, Auto Loans Surge

Americans eager to drive a new car or truck have rediscovered leasing deals. In fact, leasing hit a new high in the first quarter according to Experian Automotive which tracks the auto finance market.

Leasing is definitely back, said Melinda Zabritski senior director of Automotive Credit with Experian. People want the lowest monthly payment possible for a new car or truck and many times they can get that with a lease.

Experian says leases account for 27.5% of all new vehicles financed in the first quarter. That was a 3.1% jump from the first quarter of last year and is the highest level of leasing Experian has recorded since it started tracking the auto finance market in 2006.

(Read More: Pick-Ups Power May Auto Sales)

Lower Monthly Payments For a Longer Period

Despite the amount financed by auto loans increasing $620 to $26,648 in the first quarter, consumers have managed to keep their monthly payments in check. During the first quarter Experian says the average monthly payment for new vehicle loans was $459, a drop of $3 compared to the same time last year?

How have car buyers kept monthly payments from edging higher? In part theyve done it by spreading out the length of their auto loans over a longer period of time.

In the first quarter the percentage of auto loans stretching out 73-84 months jumped 27.4% and now makes up 19.5% of all new vehicles financed.

Idaho Sales and Product Tax Receipts Up ; Individual , Corporate and …

Idahos latest financial report card indicates that the gap between fiscal year-to-date collections and projections has been narrowed.

The Idaho Division of Financial Managment reports that the states May income–$3.8 million–was 2.4 perent below forecast.

But the news is still good when looking at the 2013 fiscal year-to-date collections, which through May totaled more than $2.47 billion–3.1 percent above projections.

Idahos five main revenue components had varying levels of success in May: Sales tax of $89.6 million was $3.4 million more than predicted, and product tax of $3.8 million was $300,000 above forecast; but individual income tax receipts of $49.3 million were $5 million less than projected; corporate income tax of $7.5 million was $1.9 million less than predicted; and miscellaneous revenues of $1.3 million were $600,000 below forecast.

In particular, product taxes were boosted by tobacco taxes that were nearly $300,000 higher than expected, toppng forecasts for eight months so far this fiscal year, according to the DFM.

New Article on Avoiding Auto Loan Scams Released at Valley Auto Loans

Valley Auto Loans, a very popular bad credit auto loan provider recently released several articles, including one that give advice on “Auto Loans Scams and How to Avoid Them,” which can be read here: http://valleyautoloan.com/blog/

Greenville. SC (PRWEB) June 25, 2013

Valley Auto Loans is a fairly new name in the auto loan industry, but since their launch last year they have grown at an incredibly rate. Recently http://valleyautoloan.com/ published a few new advice articles in their blog, one of which has gotten a great deal of interest from visitors to the Valley Auto Loans website. The article is titled “Auto Loans Scams and How to Avoid Them.” Valley Auto Loans often publishes such articles with the intention to help their clients avoid financial pitfalls.

The auto loan industry can be a dangerous place for the ignorant. There are far too many dishonest dealers, and far too many chances to destroy one’s credit scores. Valley Auto Loans is one of very few companies whose direct business goal is to help anyone and everyone get a great auto loan. They specialize in getting nearly all of their applicants approved for high quality loans, regardless of applicant’s financial circumstances, or credit scores. This gallant attitude toward the loan aspect is surely a contributing factor to the vast amount of applicants that are rushing to Valley Auto Loans every day.

The Valley Auto Loans blog has countless articles on every subject from re-negotiating auto insurance to choosing the right used car. Anyone in need of some professional advice should head to the Valley Auto Loans blog today.

To apply for an auto loan today visit https://valleyautoloan.com/apply-now2/

About Valley Auto Loans

Valley Auto Loans is the leading auto and cars finance provider in USA fully dedicated to help its customers acquire national car and auto financing. They design and develop customized no credit auto and car financing, bad and good credit auto and car loans. Voted the best for Quality Customer Service; Best National Auto Loans Service by thousands of people, their finance experts focus in providing its customers information and various tools available for different auto loan offers, help them to choose the best that fits their budget as well as the related eligibility guidelines in detail.

For the original version on PRWeb visit: http://www.prweb.com/releases/avoid-auto-loan-scams/valley-auto-loans/prweb10865552.htm

Copyright 2013 Midland Daily News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Delinquent payments on auto loans rising

LOS ANGELES — Banks are increasingly extending auto-loan financing to borrowers with less-than-sterling credit, a trend that’s contributing to a higher rate of missed loan payments.

The rate of US auto-loan payments late by 60 days or more rose to 0.88 percent in the first three months of the year, credit reporting agency TransUnion said Tuesday.

That’s up from 0.82 percent in the first quarter last year, but down from 1 percent in the last three months of 2012, the firm said.

Among subprime borrowers, or those whom lenders deem a higher credit risk because of their track record of managing debt, the delinquency rate jumped to 5.5 percent in the first quarter from 5.09 percent a year earlier.

Steady job gains, low interest rates and improving consumer confidence have helped spur US sales of cars and trucks. Many Americans are moving to replace older vehicles after holding back on purchases for several years following the last recession. Vehicle sales climbed 8 percent in May to 1.4 million.

Lenders have responded, making loans available to more borrowers, even those with less-than-perfect credit.

“Lenders have determined that their portfolios can handle additional risk at this point in the business cycle,” said Peter Turek, automotive vice president at TransUnion.

As lenders continue to increase financing to high-risk borrowers, there’s a greater chance those borrowers could fall behind on payments, Turek added.

Subprime borrowers accounted for 15 percent of all US auto loans in the first quarter, unchanged from a year earlier. That share of all auto loans remains smaller than it was in the first three months of 2009, when subprime loans made up 20.3 percent of all auto loans, according to TransUnion.

All told, auto loan volume grew 6.1 percent in the first quarter versus the same period last year.

Smooth Ride: Subprime Auto Loans in the US Industry Market Research Report …

Smooth Ride: Subprime Auto Loans in the US Industry Market Research Report Now Available from IBISWorld
Rebounding since the recession, the Subprime Auto Loans industry is forecast to grow over the next five years thanks to rising new-car sales, improving consumer finances and continued strong demand growth from subprime borrowers and investors. For these reasons, industry research firm IBISWorld has added a report on the Subprime Auto Loans industry to its growing industry report collection.

More late car notes in 1Q: Lenders making auto loans to those with less-than …

LOS ANGELES — Banks are increasingly extending auto-loan financing to borrowers with less-than-sterling credit, a trend that’s contributing to a higher rate of missed loan payments.

The rate of US auto-loan payments late by 60 days or more rose to 0.88 percent in the first three months of the year, credit reporting agency TransUnion said Tuesday.

That’s up from 0.82 percent in the first quarter last year but down from 1 percent in the last three months of 2012, the firm said.

Among subprime borrowers, or those whom lenders deem a higher credit risk because of their track record of managing debt, the delinquency rate jumped to 5.5 percent in the first quarter from 5.09 percent a year earlier.

Steady job gains, low interest rates and improving consumer confidence have helped spur US sales of cars and trucks. Many Americans are moving to replace older vehicles after holding back on purchases for several years following the last recession. Vehicle sales climbed 8 percent in May to 1.4 million.

Lenders have responded, making loans available to more borrowers, even those with less-than-perfect credit.

“Lenders have determined that their portfolios can handle additional risk at this point in the business cycle,” said Peter Turek, automotive vice president at TransUnion.

As lenders continue to increase financing to high-risk borrowers, there’s a greater chance those borrowers could fall behind on payments, Turek said.

Subprime borrowers accounted for 15 percent of all US auto loans in the first quarter, unchanged from a year earlier. That share of all auto loans remains smaller than it was in the first three months of 2009, when subprime loans made up 20.3 percent of all auto loans, according to TransUnion.

All told, auto loan volume grew 6.1 percent in the first quarter versus the same period last year.

PBA seals expanded ESPN deal

25 June 2013 | Posted in

Broadcast,

Miscellaneous,

North America
|
By James Emmett

ESPN has extended its deal with the Professional Bowlers Association (PBA) for a further five years.

Under the terms of the new agreement, which was brokered by Len DeLuca amp; Associates on behalf of the PBA, the networks coverage of the PBA Tour and PBA League will grow from 25.2 hours per year under the previous deal to 36 hours per year.

The deal begins with the 2013 World Series of Bowling on 1st December this year.

  • PBA strikes CBS Sports Network deal

The second season of the PBA League, which features eight celebrity team owners, including Chris Paul, Terrell Owens, and Billie Jean King, will debut on ESPN on 5th January next year.

The PBA has had a relationship with the broadcaster since 1979.

ESPNs renewed and expanded commitment will help us grow our sport and build on the successful launch of the PBA League. Im thrilled that our fans will continue to see the worlds greatest bowlers on ESPN for many years, said PBA chief executive Geoff Reiss.

In association with