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.

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  • Automakers’ Lending Practices Probed by U.S. for Bias 
    Bloomberg Businessweek 20 Sep 2013
    The Consumer Financial Protection Bureau (CFPB) and the Justice Department are investigating the lending operations of several major auto manufacturers, looking for possible discrimination.
  • Regulators Ramping Up Fair Lending Enforcement 
    Credit Union Times  09 Sep 2013
    With the National Credit Union Administration and the Consumer Financial Protection Bureau (CFPB) zeroing in on Fair Lending laws and Home Mortgage Disclosure Act (HMDA) data collection this year, credit unions can expect to see additional rules and exams in 2014.
  • Avoid Auto Loan Modification Scams 
    Auto Credit Express  31 Aug 2013
    Companies that advertise auto-loan modifications are simply peddling another way for consumers to lose money, writes Steve Cypher for Auto Credit Express.
  • ABC News Fixer: Watch Out for 'Yo-Yo' Car Deals 
    ABC News  28 Aug 2013
    Many car buyers are subject to "yo-yo" deals in which a consumer with bad credit goes to a dealership, fills out paperwork, and takes possession of a vehicle that same day. Days or weeks later, however, the consumer may hear from the dealer that the financing has fallen through but that he or she can return the car or come back for further negotiations.
  • Military Payday Loan Laws Set for Review, Improvements 
    Military Times  25 Aug 2013
    Consumer protections for troops and their families should be broadened to cover not only payday loans but also products such as overdraft checking, installment loans, and rent-to-own contracts, consumer advocates say.
  • 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...
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