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.
Used car prices have risen to a record high, according to an Edmunds.com analysis, but the higher prices aren’t necessarily bad news.
Honda will pay $24 million in restitution and change its car loan practices as the result of discrimination against certain borrowers.
Car loans for consumers with the worst credit, so-called subprime and deep subprime, have fallen to its lowest share of auto loans overall since 2012.