lending

Congress Is Trying To Undo Oversight Of Dealership Loans
Congress Is Trying To Undo Oversight Of Dealership Loans

The Consumer Financial Protection Bureau was created in 2011 to ensure that lenders treat borrowers fairly and transparently. However, a curious legal loophole prevented the CFPB from overseeing car dealerships, even though those dealerships broker billions of auto loans each year. The loophole...Read More»

Money and car keys
Subprime Set: Top Ten Cars Bought By Those With Low Credit Scores

You’ve likely all seen the late-night TV ads from used-car lots—pushing loans for which they say anyone with a job can qualify. But hold on; don't yet sign your life's possessions over on contingency to some guy in a Hawaiian shirt who says he is the bank. Even if you have a blemished...Read More»

Auto loan
Ally Pays $98 Million To Settle Racial-Bias Lending Probe: Will This Simplify Your Next Auto Loan?

The Consumer Financial Protection Bureau recently investigated auto lender Ally Financial amid concerns that the company regularly charged higher interest rates to non-white borrowers. According to AutoNews, Ally has now agreed to cough up $98 million to settle the probe. Could this make things...Read More»

Auto loan
Are America's Auto Lenders Discriminating Against Minorities?

In 1974, the United States enacted the Equal Credit Opportunity Act, which "prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance." But nearly 40 years after that law went into effect, some institutions...Read More»

money
Experian: Auto Credit Continuing To Loosen, Loan Amounts Up

To get the vehicle you want, and the right credit terms, having a high credit score has been extremely important over the past couple of years. With credit tight, lots of consumers who would have been green-lighted in the past have been simply turned away—or pointed toward high-risk lenders...Read More»

GM Renaissance Center American flag
As GM Dips Back Into Subprime Lending, Will The Deals Get Better?

General Motors today acquired subprime lender AmeriCredit, as part of a $3.5 billion deal that will help extend loans and leases to those with blemished credit. Before you say "here we go again" and work yourself into a frenzy thinking that government-owned GM shouldn't go into the business of...Read More»

Used car salesman
Congress Cracks Down On Lending, But Car Dealers Squeeze Through

Car dealers, at least for now, don't have to answer to the same regulations, restrictions, and oversight that would apply to nearly every other type of consumer lending. After the House of Representatives voted to exclude auto loans earlier this week, the Congressional committee negotiating a final...Read More»

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