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.
- Expanding Consumer Protection in Auto Finance
Center for American Progress 12 Jan 2015
Eighty-five percent of new-car purchases and 54 percent of used-car purchases in the United States involve financing, but not always through banks or credit unions.
- Miss a Car Payment? N.J. Bill Would Ban Remote Kill Switch
South Jersey Times (NJ) 12 Jan 2015
New Jersey Assemblymen Paul Moriarty and Angel Fuentes have sponsored a measure that would ban the use of "kill-switch" remote shut-down technology that car dealers or loan lenders use to enforce ...
- 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 ...
- 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.
- 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.
- 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 ...