Wary lenders go slow on festive auto loan offers

Chennai: Despite the festival season being just round the corner, car financiers are not rolling out the big bang schemes that are de rigueur this time of the year.
Although car loan rates are the lowest in the last 12 months, auto dealers and marketers say banks and financiers are being extra cautious in view of the moratorium-related non-performing assets (NPAs) that they are expecting.
Kotak Mahindra Prime MD Vyomesh Kapasi said, “The car loan interest rates are down 125 basis points (100bps = 1 percentage point) year on year. The ongoing interest rates are the lowest in a long time with sub-9% for all segments and sub-8% for luxury vehicles. Even used car rates are now down to 12-12.5%.”
Car dealers say that most banks and NBFCs are offering longer tenure loans and that too for select customers.
M&M dealer Nikunj Sanghi of JS 4Wheel Motor said, “The festival
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Arizona auto dealer accused of bilking customers, lenders in loan and title scheme

An Arizona used car dealer who didn’t pay off trades or transfer title to buyers said last year that if he were ripping off customers, he would be behind bars.



a car parked in a parking lot: RPM Motors on Van Buren Street. Formerly Main Auto Group


© Robert Anglen/The Republic
RPM Motors on Van Buren Street. Formerly Main Auto Group

Farhad Kankash, owner of Onyx Motorsports in Tempe, was arrested Wednesday and charged with 14 counts of fraud and theft.

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Detectives with the Arizona Department of Transportation accused Kankash of using his now-defunct business to cheat customers and lenders out of hundreds of thousands of dollars.

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“What do you want me to do about it?” Kankash told The Arizona Republic in 2019. “If I was taking people’s money, I would be in jail.”

Kankash, reached by phone at his Scottsdale home Thursday, declined comment. 

Authorities say Kankash began stealing

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