We recently launched the first phase of a new system to help consumers who have problems with auto loans and other types of installment loans, such as loans to buy a refrigerator. Just like the credit card and mortgage complaints within our purview we started taking last year, we will forward complaints for these new products to the appropriate financial institution for review and resolution.
Currently, we are handling complaints about vehicle loans and installment loans with large banks. If a complaint is against a large bank, we will handle it directly. If however a complaint involves a small bank or a nonbank, we will refer it to another federal agency with the authority to handle it. If this happens, we will immediately notify the consumer and identify which agency the complaint was referred to. Over time we will expand our complaint handling functionality to include nonbank auto lenders in order to more directly assist consumers with these complaints.