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.
- Top 10 Consumer Complaints
CNNMoney.com 27 Jul 2011
Unscrupulous auto dealers once again nabbed the top spot on the Consumer Federation of America's list for the highest number of complaints in 2010, followed by credit card issuers and debt relief companies in the number two position. The CFA compiles its list by polling 31 consumer groups from 18 states throughout the United States about the grievances they received. In total, the agencies surveyed received more than 252,000 complaints last year and delivered more than $208 million in restitution and savings for consumers. Complaints about home improvement/construction and retail sales tied for the third slot on the list. Rounding out the top 10 were complaints about utility service issues and billing disputes; inadequate work and misrepresentation about licensure by service companies; Internet sales scams; faulty furniture or appliance repairs; illegal eviction tactics by landlords; work-at-home schemes and fraudulent sweepstakes and lotteries; and telemarketers and mail solicitations that misrepresent or fail to deliver their services or that breach do-not-call rules.
- Consumer Debt Rises For Eighth Straight Month
ConsumerAffairs.com 10 Jul 2011
The Federal Reserve reports that consumer credit grew in May for the eighth month in a row, primarily as a result of credit card use. According to the data, credit rose by $5.08 billion after a revised $5.67 billion gain in April. Economists say that many consumers are using their credit cards to purchase necessities such as gas, groceries, and other day-to-day needs. Revolving debt, which includes credit cards, rose by $3.37 in May after shrinking $877 million in April, marking the first gain this year and the biggest jump since June 2008. Non-revolving debt also was higher, climbing $1.71 billion in May after jumping $6.54 billion the previous month. To keep credit card debt under control, the Center for Responsible Lending recommends that consumers always pay more than the minimum amount due on the monthly bill. CRL says that doing so can save a consumer as much as $2 for every extra $1 they pay.