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.
- Lenders Wary of Feds' Scrutiny
Automotive News 11 Aug 2014
The U.S. Justice Department confirms that it has sent subpoenas to GM Financial and Santander Consumer USA -- the two largest issuers of securities based on subprime auto loans.
- Justice Department Subpoenas GM Over Subprime Auto Loans
Washington Post 05 Aug 2014
The Justice Department has served General Motors Financial with a subpoena demanding documents related to underwriting criteria for subprime auto loans it made and securitized since 2007.
- Auto Buyers Load Up on Record Amount of Loans
NBCNews.com 03 Jun 2014
Auto buyers borrowed a record amount in the first quarter with the average monthly payment climbing to an all-time high of $474, according to a new report from Experian Automotive.
- Car Buyers Upside Down on Auto Loans
Chicago Tribune 15 May 2014
In the first quarter of 2014, 27 percent of new-vehicle buyers who traded in an old model owed more on the trade-in than it was worth, according to the Power Information Network (PIN), a unit of J.D.
- Fifth Third Bancorp Faces Probe Over Auto-Lending Practices
Dow Jones Newswires 08 May 2014
Fifth Third Bancorp reports it is facing a Justice Department investigation over whether it engaged in discriminatory auto lending practices.
- CFPB Lauds BMO Harris for Switch to Flat-Fee Pricing on Auto Loans
American Banker 01 May 2014
BMO Harris Bank is now the first indirect auto lender to adopt a flat-fee structure, which limits the flexibility among dealers to price finance loans.
- American Subprime Lending Is Back on the Road
Financial Times 10 Apr 2014
Although many asset managers said during the financial crisis that they would never touch subprime again, subprime lending has made a return in auto lending.
- Report Says New York Auto Insurers Unfairly Use Education Level, Occupation When Setting Rates
Associated Press 03 Apr 2014
A recent New York Public Interest Research Group (NYPIRG) analysis found that the state's largest auto insurers factor driver's education level and occupation when calculating policy rates, often ...
- Dealerships, Lenders Bolster Compliance Staffs in Face of CFPB Crackdown
Automotive News 02 Apr 2014
With the Consumer Financial Protection Bureau cracking down on auto lending practices, auto lenders and dealerships are expanding their compliance staffs.
- Why the DOJ Won?t Back Down on Auto Lenders
Washington Post 13 Mar 2014
Auto dealers have been receptive to new industry-generated pricing recommendations aimed at stamping out discrimination, but that is not enough to make the government step down its scrutiny.