Just like the television announcements from the United States, local banks are warring over car loans. The situation comes from an excess liquidity in the banks, that has resulted in an abundance of “Auto Fairs” sponsored by the banks. While the 0% car loan is not even on the horizon yet, interest rates have fallen as much as 14% from their 42% level a year ago, and, as added incentives, payment plans also include the car insurance. The Mercantile Bank is offering car loans at 29% A.P.R., no matter how much is loaned. Popular Bank wants 31.99% on amounts over RD$100,000 and offers reduced rates to its loyal clients. Vimenca Bank offers their clients many different options with up to five years to pay. Even staid Scotiabank, known for its conservative outlook, is offering a 29% rate for up to 80% of the value of a new vehicle. Banking sources told Listin Diario reporters that auto loans have become one of the principle alternatives to increase their loan portfolios, and the relative stability in the exchange rate has pushed the banks to lower interest rates.