Latest news with #MichaelWilliams
Miami Herald
10-07-2025
- Automotive
- Miami Herald
Auto Loan Refinancing Is a Thriving Business That Most Buyers Don't Know About
If you are responsible for paying off a substantial loan, like a mortgage or a student loan, you may be familiar with refinancing. If you paid attention to commercials within the past few years, you'd probably be aware that financial service firms, credit unions, and banks like SoFi offer these services as a potential solution to help people relieve their financial burden by taking advantage of lower interest rates or a borrower's better credit score. While many take advantage of these programs to lower their monthly payments on these fairly traditional financial products, refinancing a car loan has not been a very popular concept, but that is starting to change. According to a new report by Automotive News, two major credit unions in the auto lending business reported a noticeable increase in consumer interest in auto loan refinancing. During a panel discussion at Auto Finance Summit East, Michael Williams, the senior vice president of consumer lending at American First Credit Union, described it as a "seismic shift." According to him, about 65% of its auto lending activity usually went towards financing new vehicle purchases, while the other 35% went to refinancing existing loans. However, during the past 6–9 months, the ratio moved closer to 50/50, and in the last two months, it tipped to 55% refinancing. The shift is also showing at PenFed Credit Union. Its vice president and head of auto lending strategy, Chris Kleczynski, noted during the same panel that over the past few months, refinancing made up 20% to 25% of PenFed's applications, up from about 15% prior, which it says comes from customers who have improved credit scores or positive equity in their vehicles and want to secure lower monthly payments. Additionally, the largest bank in the United States, Chase, announced in June that it's reentering the auto refinance market, aiming to serve the millions of existing Chase customers who currently have car loans through other lenders. "There's just some natural lift and demand out there," Kleczynski said. Borrowers can experience substantial savings through refinancing. According to iLending, a company that specializes in auto refinancing, the average consumer saves over $140 per month by refinancing. Additionally, Caribou, another refinancing company, noted in a report in June that customers with good credit and steady incomes saved between $126 and $147 per month, depending on their age group. Kleczynski pointed out that the profile of people looking to refinance is also shifting. Some are focused on extending loan terms to lower their monthly payments, while others simply want to score a better interest rate. Still, he said many consumers don't even consider refinancing their vehicle. "People get that you can refinance a mortgage," he said. "But when it comes to car loans, there's a lot less awareness. It's just not on people's radar." The new insight into refinancing comes as buyers make significant financial sacrifices to get themselves into that new set of wheels. According to new data released by car-buying authority Edmunds, Americans are taking out longer, higher-interest auto loans to pay for new cars that are as expensive as ever. Per their data, 22.4% of new-vehicle loans are for terms over the course of 84 months (7 years), while 19.3% of these buyers had monthly payments that exceeded $1,000. "It's clear that buyers are pulling the few levers they can control to manage affordability, whether that's by taking on longer loans, financing more, or putting less money down - even if some of those decisions increase their total costs," Drury said. "Consumers are continuously stretching to afford new vehicles in this market, and while tariffs haven't directly driven these Q2 numbers, they're certainly not going to make things any easier for shoppers moving forward." Most times, refinancing often involves extending the term of how long you will be subject to making payments, and upon writing this, I immediately thought about a quote from Edmunds' consumer insights analyst Joseph Yoon, who warned that an extended loan term could have additional consequences down the line, as car ownership perils like upkeep and depreciation, kick in. "While extended loan terms may make a monthly payment more palatable, consumers need to keep in mind the risks associated with a loan extended that far into the future, including increased costs for upkeep down the line and the risk of being underwater on the loan if the car is traded in before it's paid off," Yoon said. I also agree with Yoon's suggestion that if payments on a normal 60 to 72-month loan aren't possible, leasing can be a better option, as it could offer a lower monthly payment than a loan. Though the idea of getting a new car every 24 to 26 months sounds like a good idea, it should be noted that credit, credit, and credit determines whether you're a "qualified lessee" that they talk about in the fine print of the special $199 or $249/month lease during the [Insert American Holiday here] sales event. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Yahoo
08-07-2025
- Yahoo
Men charged in plot to defraud car dealership
TUPELO – Two out-of-state men were arrested and charged in a plot to use fraudulent information to purchase a vehicle from a Tupelo dealership. Tupelo police responded to Carlock Dodge on Cross Creek Drive on July 2 to take a report on false pretense. Employees said an individual had purchased a vehicle using fraudulent information. Several hours later, police were called back to the same car lot because two men showed in the vehicle that was previously purchased fraudulently. Both men were arrested on misdemeanor charges of possession of marijuana and transported to the Lee County Jail. After further investigation, Antoine Hartzog, 52, of East North Street, Sikeston, Missouri; and Michael A. Williams, 41, of N. Cliff Avenue, Sioux Falls, South Dakota; were each charged with one count of conspiracy to commit false pretense. During their initial appearances, Tupelo Municipal Court Judge Harry Sumner ordered both men to be held without bond.
Daily Mail
09-06-2025
- Entertainment
- Daily Mail
EXCLUSIVE My nights with Gianni Versace's killer... and one chilling conversation about chairs that still haunts me
There is one night in particular Mark Fanta will never forget among his many interactions with Andrew Cunanan. It was sometime in 1996 and Fanta, his then-partner Michael Williams, their close friend and ex-roommate Jeffrey Trail, Trail's friend Cunanan and Cunanan's older companion and benefactor Norman Blachford were having dinner together.
Yahoo
03-06-2025
- General
- Yahoo
Missing autistic teen in Glynn County
GLYNN COUNTY, Ga. (WSAV) — The Glynn County Sheriff's Office (GCSO) is looking for a missing autistic 13-year-old. GCSO posted on their social media that Michael Williams was last seen leaving a WaWa and heading north on Routes 341 near the Parker's and Hardee's. He is said to have an infatuation with the railroad and large trucks. Williams was last seen at 10 p.m. Monday night and was discovered missing at 6:30 a.m. on Tuesday. He was last seen wearing a gray shirt with yellow writing and Hawaiian shorts. He may have an orange blanket with him. Williams is 5'7″ and weighs 98 lbs. Anyone with information on Williams' whereabouts is asked to call GCSO at 912-554-7600 or 911. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
03-06-2025
- General
- Yahoo
13-year-old boy with autism missing in Glynn County
Glynn County police are looking for a missing 13-year-old boy who has autism. Michael Williams, 13, was last seen at around 9 p.m. Monday in the Myers Hill Road area, a Glynn County police news release states. Michael is described as 5 feet 7 inches tall, weighing approximately 98 pounds. He was last seen wearing a grey shirt, bright-colored Hawaiian shorts, and blue Crocs, the news release states. Anyone who has seen Michael or who may have information on his whereabouts is urged to contact the Glynn County Police Department at (912) 554-3645 or call 911 immediately. >>> STREAM ACTION NEWS JAX LIVE <<< [DOWNLOAD: Free Action News Jax app for alerts as news breaks] [SIGN UP: Action News Jax Daily Headlines Newsletter] Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
