Latest Auto Lending News
Here are the latest news in the world of consumer auto lending. Stay informed on the latest practices affecting the cost of your next car loan and vehicle.
- Honda's Finance Arm to Be Charged With Fair Lending Violations
Reuters 02 Dec 2014
On Dec. 2, American Honda Finance Corp., the U.S. lending arm of Honda Motor Co. Ltd., said the Department of Justice and the Consumer Financial Protection Bureau are preparing to charge it with ...
- Consumers Driving Up Record Auto Loans: Experian
CNBC.com 01 Dec 2014
A new report from Experian Automotive shows that U.S. consumers are spending more than ever on vehicles, both new and used.
- U.S. Accuses Toyota Credit Unit of Discriminatory Loan Pricing
Chicago Tribune 01 Dec 2014
Federal authorities have notified Toyota Motor Credit Corp. of their concern over the pricing of its auto loans.
In a letter dated Nov.
- More Expensive Cars Are Leading to Longer-Term Loans
New York Times 06 Nov 2014
Experian Automotive reports that the average length of a new-car loan was a record 66 months, or 5.5 years, in the second quarter, the most recent period for which data is available.
- Bank Regulator Warns of Lax Standards on Auto Loans
Wall Street Journal 28 Oct 2014
The increasing size of vehicle loans is causing borrowers to struggle with the debt and auto lenders to assume bigger losses when they cannot pay, an official with the Office of the Comptroller of ...
- New Study Says Most Can't Afford Used Cars
CNBC News 14 Oct 2014
An analysis of 25 million used cars sold in the 50 largest metropolitan areas by iSeeCars.com indicates that used cars are unaffordable for millions of Americans. Phong Ly, CEO of iSeeCars.
- Exclusive: U.S. Regulators Press Banks for More on Auto Loan Exposure to Assess Risks
Reuters 12 Oct 2014
Sources say at least one federal regulator is asking banks for more detail on their auto financing exposure to better assess their risks given the rapid growth in lending, with an Equifax report ...
- Dealers to Face More Lender Scrutiny
Automotive News 08 Oct 2014
The "larger participants" rule proposed by the Consumer Financial Protection Bureau (CFPB) could be enacted before the end of the year, prompting more scrutiny of car dealerships and increasing ...
- Car Dealers Resisting Regulations on Fees
Detroit Free Press 07 Oct 2014
The National Automobile Dealers Association (NADA) is fighting efforts by the Consumer Financial Protection Bureau (CFPB) to eliminate dealers' ability to charge varying rates for higher-risk loans.
- Stressed Borrowers Rattle Resurgent Subprime Lending Industry
New York Times 12 Sep 2014
Subprime lenders in recent years have successfully issued billions of dollars in auto and other loans without alarming levels of defaults, but there are indications that their luck may be running out.