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Percentage of Americans With Low-Cost Auto Loans Surges While Burden of Car Loans Eases, According to the Cambridge Consumer Credit Index.
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PR Newswire
- Article date:
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November 7, 2005
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Copyright informationCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AGAWAM, Mass., Nov. 7 /PRNewswire/ -- With many Americans buying cars with employee-discount and other steep incentives in recent months, the percentage of those with car loans and leases costing less than $300 a month jumped sharply to 45, up from 32 last year, according to the Cambridge Consumer Credit Index. The percentage of those with loans and leases costing between $300 and $500 dropped to 37 from 43, while loans costing between $50 and $700 dropped to 10 from 17 in 2004.
As the size of car loan and lease payments dropped, the number of Americans feeling that car loans are a major burden preventing them from making major purchases dropped to 12 from 17 in 2004. ...
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