Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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MONTREAL – Consumers are increasing turning to leasing when acquiring a new car, but the availability of ultra-long loan terms means the days of almost half of drivers travelling the leasing route are gone, according to industry observers.
After slipping to a low of seven per cent in 2009, now about one in five cars in Canada, or 20 per cent, are leased. Still, that is well below the 45 per cent peak in 2005.
“If I had to predict it right now, I could see it creeping up into the mid-20 per cent range – so roughly half of where it was,” says Dennis DesRosiers, president of DesRosiers Automotive Consultants Inc.
Overall, Canadians prefer car ownership with about 13 per cent paying cash and two-thirds obtaining loans, he said.
Whereas U.S. consumers have used leasing mainly to flip their cars every three or four years, more than half of Canadians have traditionally bought out their leases and then switched to loans, he said in an interview.
Banks and car companies responded a few years ago by introducing 84- and 96-month loans…
After slipping to a low of seven per cent in 2009, now about one in five cars in Canada, or 20 per cent, are leased. Still, that is well below the 45 per cent peak in 2005.
“If I had to predict it right now, I could see it creeping up into the mid-20 per cent range – so roughly half of where it was,” says Dennis DesRosiers, president of DesRosiers Automotive Consultants Inc.
Overall, Canadians prefer car ownership with about 13 per cent paying cash and two-thirds obtaining loans, he said.
Whereas U.S. consumers have used leasing mainly to flip their cars every three or four years, more than half of Canadians have traditionally bought out their leases and then switched to loans, he said in an interview.
Banks and car companies responded a few years ago by introducing 84- and 96-month loans…
Federal regulators take over small bank in Ohio; makes 8th US bank failure this year
– canadianbusiness.com
WASHINGTON – Regulators have closed a small lender in Ohio, marking the eighth U.S. bank failure of 2014 after 24 closures last year.
The Federal Deposit Insurance Corp. said Friday that it has taken over Cincinnati-based Columbia Savings Bank.
The lender, which operated a single branch, had about $36.5 million in assets and $29.5 million in deposits as of March 31.
United Fidelity Bank, based in Evansville, Indiana, has agreed to assume Columbia Savings’ deposits and to buy essentially all of the failed bank’s assets.
Columbia Savings’ failure is expected to cost the deposit insurance fund $5.3 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. The FDIC has said 2010 likely was the high-water mark for bank failures from the recession…
The Federal Deposit Insurance Corp. said Friday that it has taken over Cincinnati-based Columbia Savings Bank.
The lender, which operated a single branch, had about $36.5 million in assets and $29.5 million in deposits as of March 31.
United Fidelity Bank, based in Evansville, Indiana, has agreed to assume Columbia Savings’ deposits and to buy essentially all of the failed bank’s assets.
Columbia Savings’ failure is expected to cost the deposit insurance fund $5.3 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. The FDIC has said 2010 likely was the high-water mark for bank failures from the recession…
