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.
- Could Paying Your Bills on Time Lower Your Car Note? Maybe.
Washington Post 08 Aug 2013
Relaxed credit criteria are giving more Americans a chance to buy a car, but many consumer advocates are worried about some lenders' methods.
- New Forms Take Hold as Defense Against Discrimination Claims
Automotive News 31 Jul 2013
Auto dealership vendors and legal advisers have begun to use "exceptions forms" when dealers charge other than the standard rate for dealer reserve on a vehicle loan. The documents could help the industry protect against accusations of discrimination, given the general scrutiny that the Consumer Financial Protection Bureau is aiming at auto finance.
- Data Show Car Title Loans Grow in Virginia in 2012
Roanoke Times (VA) 15 Jul 2013
New data show that auto title lenders gave out more than 161,500 loans worth about $180 million last year, up from nearly 128,500 loans worth more than $125 million in 2011. The number of car title lending locations expanded over the same period, reports the State Corporation Commission, to 395 from 378.
- Car Dealers No Longer Fear Bruised Credit
USA Today 10 Jul 2013
For the auto industry and car dealers across the nation, sustained sales growth made last month the best June since 2007. This is partly due to the ready availability of credit for new- and used-car buyers, even so-called subprime borrowers. Web Link
- U.S. Bank to Pay Back Military Customers as CFPB Cracks Down
Bloomberg BusinessWeek 27 Jun 2013
U.S. Bancorp (USB) and a partner company, Dealers' Financial Services (DFS), will repay roughly $6.5 million to settle Consumer Financial Protection Bureau (CFPB) claims that...
- TransUnion: Auto-Loan Delinquency Rate Rose in Q1
MarketWatch 25 Jun 2013
The first-quarter national auto-loan delinquency rate rose slightly from a year earlier, due primarily to an increase in delinquencies for subprime borrowers, reports TransUnion Corp.
- House Democrats Seek Details on Consumer Bureau Auto Loan Rules
Bloomberg 30 May 2013
In a letter to the Consumer Financial Protection Bureau, 13 Democratic members of the House Financial services Committee requested details on how the agency plans to enforce new rules on auto loan bias...
- CFPB Targets Discrimination in Auto Loan Battle
American Banker 16 May 2013
The Consumer Financial Protection Bureau is laying the groundwork to bring enforcement actions against auto lenders that pay bounties to brokers to steer borrowers toward high-cost loans, on the grounds that the markups are discriminatory because they are steeper for minorities than for whites...
- Households Cut Overall Debt, But Student Loans Jump
Wall Street Journal 14 May 2013
U.S. households lowered their debt loads during the year's first quarter, although student loan borrowing continued to climb, according to a report from the Federal Reserve Bank of New York. Total indebtedness fell by 1 percent from the previous quarter to $11.23 trillion. Total mortgage debt was down to $7.93 trillion, from $8.03 trillion in the three months prior; while credit card balances fell by $19 billion to $660 billion. Auto loans, however, were up by $11 billion; and student loan borrowing snowballed by a staggering $20 billion...
- Americans Are Borrowing Again But Still Less Than Before Freeze
Wall Street Journal 08 May 2013
According to the Federal Reserve's survey of senior bank-lending officers, 28 percent of banks reduced the cost of credit lines early this year to smaller businesses that have annual sales of less than $50 million. Similarly, residential lending began creeping up last year, and even individuals with poor credit are more able to buy a car today than they have been in recent year...