Auto industry finance rebounding

The automotive industry has been gradually improving this year, after the lulls of the Great Recession served many businesses a crushing blow to finances. Both used and new car sales are improving, while many individuals are using title loans and other alternative forms of financing to purchase new vehicles. The Associated Press recently reported that Capital One Financial received a significant boost from automotive lease disbursements, as the company experienced much higher profits in the third quarter of this year. According to the news provider, competition has been heating up in the auto financing industry, which bodes well for both consumers and car dealers. The AP noted that Capital One's auto financing grew more than 25 percent between the second and third quarters of this year, increasing from $20.4 billion to $26.4 billion. Many reports indicated that the auto industry is in recovery, while the methods used to purchase the vehicles continue to move on nontraditional paths. Title loans and short term lending have been increasingly important in the auto industry, as consumers use these forms of financing to purchase new and used cars. Consumers now have a variety of options when looking to finance their vehicle purchases, while the used car industry has specifically experienced recent gains in sales.