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.
- Americans Borrowing Record Amount to Buy Cars
CNBC News 04 Mar 2014
Americans are borrowing a record amount to pay for their cars, due in large part to a combination of higher prices for new cars and relatively low rates for auto loans.
- The Hidden Cost of Car Loans
US News 27 Feb 2014
Car dealers are cheating buyers by failing to disclose interest rate markups.
- Late-Payment Rate on U.S. Auto Loans Rose in Fourth Quarter
Associated Press 25 Feb 2014
Auto loan debt per borrower increased 4.4 percent to $16,769 in the final quarter of 2013 from a year earlier — the 11th consecutive quarter to post annual growth, according to the credit ...
- U.S. Chamber Pushes for Federal Auto-Lending Rules
Wall Street Journal 14 Feb 2014
The U.S. Chamber of Commerce wants the Consumer Financial Protection Bureau (CFPB) to give auto lenders a clearer road map for making car loans.
- Ally Holds Firm Against CFPB's Auto Lending Push
American Banker 10 Feb 2014
The Consumer Financial Protection Bureau (CFPB) and the Justice Department are clashing with lenders and dealerships over efforts to change the way auto loans get priced at U.S. car dealers.
- Minorities Slapped with Higher Auto Rates: Report
Credit Union Times 27 Jan 2014
Latino and African-American car buyers still receive higher interest rates on loans financed through dealers, according to a new report, "Non-Negotiable: Negotiation Doesn’t Help African ...
- Subprime Loans Boost Car Sales
NorthJersey.com 21 Jan 2014
Home and auto sales historically have moved higher or lower in tandem, but lately auto sales have been rising at a much faster clip than real estate sales.
- Charlotte Car Dealership Accused of Predatory Lending Practices Against Blacks
Associated Press 13 Jan 2014
The federal Department of Justice, along with state prosecutors in North Carolina, has filed suit against a pair of "buy here pay here" auto dealerships that are charged with preying on African ...
- Subprime Auto Market Heats Up, Loan Standards Weaken
American Banker 13 Jan 2014
A new report from Moody's on the auto finance sector indicates that lenders are loosening their underwriting criteria as demand for vehicles grows. In particular, they are approving more poor-credit borrowers, with the volume of subprime auto loans climbing 9 percent at credit unions and 1 percent at banks during the third quarter.
- FTC Cracks Down on Deceptive Auto Dealer Ads
USA Today 09 Jan 2014
Nine U.S. auto dealers with operations in six states have agreed to settle with the Federal Trade Commission (FTC) as part of the agency's campaign against shady dealer advertising. The dealers allegedly made misrepresentations such as deceptive low-payment deals; and some advertised zero-down finance deals that, in fact, carried sizable fees.