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Soaring Auto Loan Rates Are Hurting Car Sales

(Bloomberg) — Just when it seemed like things were getting back to normal at Rhett Ricart’s Columbus, Ohio, car dealerships — after pandemic-induced inventory shortages and runaway price inflation — a new obstacle emerged to keep buyers from closing the deal: soaring interest rates on auto loans.Most Read from Bloomberg“They get interest shock,” said Ricart, who owns stores that sell models by Ford Motor Co., General Motors Co., Nissan Motor Co. and others. “Customers aren’t shocked by the increased cost of the vehicle, they’re shocked that they’ve got to pay 7% or 8% to finance it. You’re talking tons of money.”As the Federal Reserve steadily increased the federal funds rate over the last year to try to tame inflation, t …

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