The auto finance market grew 6.7% in 2021, in spite of challenges securing new-car inventory during the COVID-19 pandemic. This growth drove auto loans and leases remaining open to reach $1.3 trillion, an all-time high, according to the annual Big Wheels* Auto Finance ranking of car lenders and lessors released today.
“Auto finance growth in 2021 was largely driven by strong – and expensive – used cars, which bolstered originations,” said Marcie Belles, author of the report… “many financiers recorded lower ratios of new cars in their portfolios. Still, origination volume has been nearly restored to pre-COVID levels, and it continues to climb.” Continue reading






Tesla Recalls 48,184 Model 3s and 1, Yes 1, Model X
Non-safety in numbers?
Tesla, Inc. (Tesla) is recalling more than 48,000 2018-2022 Model 3 vehicles. The unit of speed (mph or km/h) may fail to display on the speedometer while in Track Mode. These vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard number 101, “Control and Displays.” Tesla will perform an over-the-air (OTA) software update, free of charge. Owner notification letters are expected to be mailed June 6, 2022. Owners may contact Tesla customer service at 1-877-798-3752. Tesla’s number for this recall is SB-22-00-008. Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153) or go to www.nhtsa.gov.
In yet another safety recall, Tesla is buying back one 2022 Model X vehicle. A body structure reinforcement bracket was not installed at the second-row seat. As such, this vehicle fails to comply with the requirements of Federal Motor Vehicle Safety Standard numbers 207, “Seating Systems” and 210, “Seat Belt Assembly Anchorages.” Tesla will replace the vehicle, free of charge. An owner notification letter is expected to be mailed June 6, 2022. Continue reading →