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.

Items 31 - 40 of 73  Previous12345678Next
  • Justice Department Teams With CFPB in Probe of Possible Discriminatory Auto Financing 
    Washington Post 15 Nov 2013
    Government regulators are launching efforts to prevent car dealers from jacking up the cost of financing to women and minorities. Dealers can mark up the interest rate on vehicle loans arranged through lenders, which can increase the profit on a sale by hundreds of dollars. Advocacy groups have been warning, however, of disparities in the number of black and Latino borrowers subjected to these higher fees; and they question whether the practice is tantamount to illegal, unfair lending.
  • Cordray Vows 'Openness' with Auto Lenders 
    American Banker 13 Nov 2013
    Consumer Financial Protection Bureau Director Richard Cordray acknowledged concerns Nov. 12 about how the agency is regulating indirect auto lenders, promising to be more transparent about its oversight.
  • Ally Financial Warns of Auto-Lending Probe 
    Wall Street Journal  06 Nov 2013
    Ally Financial Inc. disclosed this week in a regulatory filing that the Consumer Financial Protection Bureau (CFPB) is increasing its scrutiny over its auto lending practices. The agency has notified Ally that it had not taken adequate steps to prevent auto dealers from violating laws against lending bias, according to the filing.
  • CFPB Continues Crackdown on Auto Lending Industry 
    American Banker  05 Nov 2013
    Several auto lenders being probed by the Consumer Financial Protection Bureau for potential fair lending violations are being referred to the Department of Justice, sources say. Sources said at least three lenders, which have not been publicly identified, have been notified by the CFPB about the referral.
  • Many Used-Car Loans Are Lemons 
    MarketWatch  04 Nov 2013
    Used-car buyers paid an average of 8.56 percent the second quarter to finance their purchase, compared to 4.46 percent for buyers of new vehicles, according to Experian.
  • Auto Loans Move Into Slow Lane 
    USA Today  29 Oct 2013
    Some financial experts are throwing up a red flag as buyers of new vehicles increasingly spread their payments out over longer periods of time. Data from Experian Automotive indicates that most new-car loans, 41.7 percent, are repaid over a period of 61 to 72 months. But the share of borrowers taking 73 to 84 months to pay for a new auto has jumped by more than 25 percent over the past year to now account for 19.5 percent of the market.
  • Lawmaker Wants FTC Inquiry Into Car 'Yo-Yo Financing' 
    News 92 FM (Houston, TX)  24 Oct 2013
    The mid-November deadline set by Sen. Ed Markey (D-Mass.) in a letter to the Federal Trade Commission (FTC) over "yo-yo" auto financing is approaching. The legislator in late October petitioned the agency to launch a new probe into vehicle lending practices that "suggest that some dealers may be engaged in unfair or deceptive trade practices that may be in violation of some of the federal laws within the Commission's jurisdiction."
  • Credit Default Rates Increase Nationally 
    National Mortgage Professional  14 Oct 2013
    According to the S&P/Experian Consumer Credit Default Indices, national default rates rose in September. The national composite edged up from 1.34 percent in August to 1.38 percent. Default rates were 1.28 percent for first mortgages, up from 1.23 percent; 0.69 percent for second mortgages, up from 0.57 percent; 1.15 percent for auto loans, up from 1.11 percent; and 3.14 percent for bank cards, up from 3.12 percent.
  • Car Problems Top National Consumer Complaint List 
    Cache Valley Daily (UT)  03 Oct 2013
    Automobile-related issues were the top consumer complaint for 2012, according to a report by the Consumer Federation of America (CFA). Among the problems cited were towing disputes and false advertising for new and used cars, confirmed CFA director of consumer protection Susan Grant.
  • Lenders Warn Dealers About Bias 
    Automotive News  02 Oct 2013
    Auto lenders have been sending letters to dealerships to inform them that many of their practices suggest a pattern of discrimination against minorities, women, or the elderly.
Items 31 - 40 of 73  Previous12345678Next