One of the largest car-title lenders in the U.S. is fined $9 million for not disclosing the true cost of loans and using unfair debt-collection practices.
Late car-loan payments have risen nationwide, due mostly to delinquencies in states hurt by the oil slump, such as North Dakota, TransUnion reports.
The average amount Americans are financing for a new car loan as well as their average monthly payment have hit all-time highs.
Toyota received big fines from the CFPB and DOJ and will change its car loan practices as a result of earlier discrimination.
The CFPB recently fined a “buy here, pay here” car dealer for abusive financing schemes, hiding auto finance charges and misleading consumers.
Americans are leasing cars and taking out new car loans at a record pace, according to the latest data from Experian Automotive.
Some auto manufacturers are already touting their car deals as early Black Friday specials.
More can loans are getting approved than ever since the recession.
An indirect auto finance company and its car title subsidiary are in trouble with the feds for illegal debt collection tactics.
Fifth Third Bank has discriminated against some minority borrowers by marking up car loan rates.