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.
More consumers are purchasing new and used cars with auto loans, and those loans are for higher amounts and longer terms.
Car loans are at an all-time high, making it easier to obtain loans for consumers with all types of credit ratings, says Experian Automotive.
The average amount financed on new- and used-car purchases is at an all-time high, according to Experian Automotive.
Credit unions will be looking to increase their car loan business in the next year, according to a new study by TransUnion.
The Consumer Financial Protection Bureau has proposed to extend its oversight to auto finance lenders that are not banks.
Payments for used car loans are on the rise, while loans to credit-challenged car buyers are not being given as freely.