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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  • 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.
  • 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.
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