117 Articles
Car Buying
What is a subprime loan?

Are they a bad idea and who qualifies for them?

Are they a bad idea, and who qualifies for them?

Official
U.S. House votes to overturn rule against car loan discrimination

Latest move against Obama-era consumer finance watchdog agency

The U.S. House of Representatives voted on Tuesday to reverse a measure that aimed to prevent discrimination in auto lending, the latest challenge to a consumer finance watchdog's oversight.

Report
New auto loans could soon extend out to 84 months

Truck sales are fueling these new terms

Cars and trucks are more expensive than ever before. In order to boost sales and help consumers afford new vehicles, automakers are offering longer and longer terms for auto loans.

Official
Wells Fargo officially agrees to $1B penalty: What's in the settlement

500,000 customers were forced to buy car insurance they didn't need

Wells Fargo & Co will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees, officials said on Friday.

Report
One-third of trade-ins in a new-car deal are underwater on their loans

Add that to the lengthened loan terms, and car buyers rolling loan balances over get deeper in debt with each purchase.

Edmunds reports that nearly a third of trade-ins on new car purchases in 2017 were underwater.

Rumormill
Uber goes after a billion-dollar leveraged loan

Uber needs the cash to beat Apple's Didi in China.

The one-or-two-billion dollar loan would come on top of a recent Saudi Arabian investment.

ETC
Americans borrow more money than ever for car purchases

Almost $1 trillion in car loans have boosted record buying spree.

Ride-sharing options may be proliferating and the percentage of Americans obtaining drivers licenses may be declining. But for now, reports on the end of the car-ownership model are greatly exaggerated.

Study
Auto leases soar in the third quarter

The latest financial research shows that auto leasing is on the rise, and buyers continue to take out longer, more expensive loans.

Report
VW will take out huge $21B loan to cover scandal costs

Volkswagen will use the $21 billion loan to help pay for the upcoming costs from its diesel emissions scandal.

Official
Ferrari borrows $2.6 billion to finance FCA spinoff

Ferrari announced that it is borrowing over $2.6 billion to fill its coffers and that of its soon-to-be-former parent company, FCA, as the two separate from each other.

Report
VW lines up $21.5 billion in financing to weather crisis

Volkswagen wants $21.5 billion in loans as a short-term financial buffer to get through its emissions crisis.

Official
Honda finance to pay $24M for discriminatory lending practices

Honda is altering its lending policies and setting up a $24-million compensation fund after the Consumer Financial Protection Bureau charged that some of its dealers have engaged in discriminatory practices.

Report
Tesla gets $750M credit line from big banks

Tesla has received a line of credit worth up to $750 million from some of the world's top financial instutiions, including Morgan Stanley and JPMorgan Chase, to finance growth over the next five years.

Study
New car loans longer than ever before

Auto loans just keep reaching new records for their length and the amount financed, and there's no sign of this slowing down.

Study
Outstanding auto loans hit record high of $886 billion in 2014

The value of outstanding auto loans reached $886 billion in 2014, which was an all-time record, according to Experian.

Report
Are easy car title loans hurting the poor?

Auto title loans are big business in the US, but increasingly, those institutions offering them are facing accusations of predatory lending. With this type of loan, people receive money in exchange for their vehicle's title. The funds come quickly, but they can also come saddled with interest rates of over 100 percent, along with high fees. A recent report from The New York Times examines the practice to see how it is affecting low-income borrowers across the nation.

Report
MI senator says 276% car loans are not 'predatory'

A fight is brewing in the Michigan state legislature over whether to allow auto title loans (pictured above in California). This type of lending allows people to borrow against the value of their car while they keep driving it, but the money often comes with astronomical interest rates. Critics allege it's a form of predatory lending, but Michigan Senate Majority Leader Randy Richardville (R-Monroe) disagrees.

Featured
Billions of dollars at stake as dealers, Feds face off over auto loan regulations

NADA Argues For Status Quo; Government Wants Tighter Rules

"Dealers have to discount those rates to be competitive. The current system saves customers money. Period." – Forrest McConnell

Report
72-month loans enticing consumers to buy loaded cars

Longer loan terms and favorable interest rates are tempting consumers into pricier and more feature-laden vehicles, consequently driving average transaction prices up about three percent since 2009, according to a new report by Automotive News.

Late With Car Payment? The Bank Could Remotely Turn Off Your Vehicle

Banks can disable and track cars from afar using new technology

Unlike a house, where it can take months or years to evict owners behind on their payments, some subprime lenders can now simply switch off a late borrower's car.

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