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Ally settlement administrator will contact eligible borrowers soon

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.


Save the date, Washington DC!

Join us for an auto finance forum at CFPB headquarters, located at 1700 G Street NW, Washington, D.C. The forum will take place on Thursday, November 14 at 8:45 a.m. EST. The event will feature remarks from CFPB Director Richard Cordray and a discussion with consumer groups, industry representatives, and members of the public. The […]


Preventing illegal discrimination in auto lending

Every year, millions of American families buy a car – and it will be one of the most significant purchases they make. One key priority for us is protecting consumers from the silent pickpocket of discrimination. Discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year. The […]


Buying a car? Here’s what you need to know

Today we announced how lenders can take steps to prevent discrimination in auto lending, but there are also steps that every consumer can take to make it more likely that they are getting a good deal on a car loan. If you’re shopping for a car loan, you’re not alone. The average loan for a new car is up to $26,691 – making auto loans an important decision for consumers. Read more»


Who is going to help with your complaint about an auto or installment loan?

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 […]