Even Ford Motor Co. is concerned about Canadians car loan debt Maclean's 20 hrs ago Used with permission of / Rogers Media Inc. 2017. F-150 pickup trucks on the lot at a Ford dealership. (David Zalubowski/AP/CP) Ford Motor Co. has joined financial regulators in raising concerns over Canadians appetites for longer-term loans to finance the purchase of new vehicles. Regulators have warned in recent years about debt-burdened consumers taking advantage of loan offers that leave them in a negative-equity situation where they owe more on the car than its actually worth. Mark Buzzell, chief executive officer of Ford Canada, told media in an interview at the Vancouver auto show this week, that Canadian automakers are selling 41% of their vehicles with loans of six or more years. Its not uncommon to see loans stretch out to eight or nine years, with interest rates still sitting at near-record lows. Ford says it is moving to reduce the number of sales it makes at longer terms, but its hard when the rest of the industry is doing so. We really are trying to limit the trade cycles to shorter terms, but at the end of the day we have to stay competitive, Buzzell told Bloomberg News. Buying a car or truck is a huge event in the average Canadians life. After all, automobiles are the second-most expensive asset most consumers own. MORE: Household debt in Canada hits a record highagain In the U.S. the average new car loan was 5.5 years, compared with six years in Canada. And automakersnot just Fordare concerned, says George Iny, car analyst and director of the Automobile Protection Association. Theyve told regulators two or three times now that they are concerned that car buyers are overburdened and carrying a lot of debt forward from a previous financed vehicle when they go into a dealership to finance a new one. Last year was a record year for auto sales with 1.95 million in vehicles sold and Iny points out that theres two key reasons for that.
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