November 3-5

Illinois CUL Annual Convention - Chicago, IL

November 8-10

NAFCU's 2022 Lending Conference - Greenville, SC

November 10

LSCI's School of Repossession - Online

November 17

FinTech Credit Union Connection 2022 - Sacramento, CA

November 18

VolCorp 2022 Kentucky Economic Conference - Louisville, KY

As More Cars Hit Dealership Lots, Buyers Feel Pinch of Rising Interest Rates

For two years the auto industry has struggled with various supply-chain problems causing scant inventory at the dealership lots. Those troubles are slowly improving as more new cars and trucks are finally trickling into dealerships. However, rising interest rates and other economic pressures are making it harder for U.S. buyers to afford the record-high pricing. The average interest rate on a new car loan hit the highest in three years at 5.7% in the third quarter.

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wsj.com

'Borrowers are Feeling the Squeeze' as Interest Rates Climb While Inflation Remains High, Chief Financial Analyst Says

The combination of higher rates and inflation are hitting consumers hard. To curb off inflation, the Federal Reserve has raised its benchmark short-term rate 3 percentage points since March. The borrowing costs for consumers have increased at the fastest pace in decades and the consumer price index was up 8.2% YOY in the latest reading nearing the highest levels since the early 1980s. Read the full article to see how the benchmark interest rate impacts the rates consumers pay on the most common types of debt such as mortgages and auto loans.

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cnbc.com