Since auto loans are a part of the financial lives of so many consumers, we wanted to learn more about their experiences and challenges in navigating the process of getting an auto loan. Read more about our report: Consumer Voices on Automobile Financing.
When it comes to financing an auto loan, servicemembers should be armed with knowledge about loan choices and what can be negotiated, and should take precautions when entering loan agreements for vehicles. They are often targets of misleading ads or tactics, and inaccurate explanations of benefits.
If you co-sign an auto loan, you will be responsible for making payments if the primary borrower can’t pay. It could affect your future access to credit and your overall credit score. Here are some tips for co-signers and a new auto loan resource for you. Share it with your co-borrower so you can shop for a loan that works for both of you.
Take control of your auto loan process. Explore our new auto loan resources and keep these 6 tips in mind.
Join the CFPB’s Consumer Advisory Board for a meeting with Director Cordray where we will discuss an auto lending education initiative, trends and themes, and payday lending.
Harry noticed that his son Ari, a servicemember, was struggling with his car loan, so he reached out to the Consumer Financial Protection Bureau. His story led to our investigation into an auto loan program that we found was using deceptive marketing and lending practices to target servicemembers.
An important part of the CFPB’s mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. Today, we’re posting a semiannual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.
We found that between April 2011 and December 2013, Ally’s markup policy resulted in African-American, Hispanic, Asian and Pacific Islander borrowers paying more for auto loans than similarly situated non-Hispanic white borrowers. Ally agreed to a settlement and is paying a settlement administrator to distribute the $80 million in damages to harmed borrowers.
We’re releasing our third annual Fair Lending Report, which details the important strides we have taken over the last year to protect consumers from credit discrimination and increase access to credit.
Today, we held a field hearing on auto finance in Indianapolis, Indiana. The event featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The live event has now ended, but a recording will be available here soon.