loans

Ally Pays $98 Million To Settle Racial-Bias Lending Probe: Will This Simplify Your Next 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»

Handing over car keys
Auto Loan Interest Rates Hit All-Time Low, Amounts Financed Meet 2008 Highs

There's good news and bad news on the automotive front. The good news is for auto shoppers: according to Experian Automotive, the average interest rate for U.S. car loans fell to 4.27 percent in the third quarter of 2013. That's the lowest rate Experian has recorded since it began tracking interest...Read More»

Auto loan
Buying A Car Today? Go Prepared, Or Prepare To Spend Extra: UPDATED

UPDATE: See below In America, auto sales are going strong, and as we mentioned earlier, they're poised to get even stronger this weekend. But if you're one of the many folks planning to purchase a new vehicle today -- or any day -- spend some time preparing for your shopping excursion. As the New...Read More»

Best & worst states for financing a new car (July 2013)
Michigan Offers Cheapest Auto Loans, Rhode Island Is Most Expensive:

Yesterday, we told you how all 50 states rank when it comes to the cost of car ownership. Now, the folks at GoBankingRates.com have published a related set of rankings, based on one of the biggest factors in ownership costs: interest rates on auto loans. The average auto loan rate is the U.S. is...Read More»

Repo Man
Repo Man Finds Himself Out Of A Job As More Pay Car Loans

Though America's economic recovery seemed iffy at one time, it now appears that we're on the right track. Consumer confidence is mostly high, stocks are mostly up, and though it's not as robust as we'd like, economic growth is in mostly positive territory. In the auto world, the recovery has had...Read More»

U.S. Capitol
GOP: Forest Fires Trump Fuel-Efficient Cars

Late in the administration of President George W. Bush, Congress created the Advanced Technology Vehicle Manufacturing loan program. According to Detroit News, some of the funds earmarked for that program are now being funneled away to fight forest fires. This is not a bad thing. As the name...Read More»

Gavel. Image: Brian Turner
Feds Order U.S. Bank To Refund $6.5 Million From Deceptive Car Loans

After all the crashes, mergers, and investigations that bankers have endured the past few years, you'd think they might've learned a thing or two. Apparently, you'd be wrong. According to Reuters, the Consumer Financial Protection Bureau ruled yesterday that U.S. Bank and Dealers' Financial...Read More»

John McDole shows off his Volt's gun rack.
Shotguns For Downpayments? We May Be In For Another Subprime Problem

Earlier this week, we offered a rundown on auto sales for March. While we were very happy to see a number of manufacturers set new records, we were a little concerned that some of the market's strength might be due to an easing of credit restrictions. After all, we remember where that got us last...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»

Dealer
Can You Really Afford That Car? Not If You Live In 24 Of America's 25 Biggest Cities

It's no secret: money is tight. America is still recovering from the trauma of the Great Recession, and although economic indicators seem to be moving in the right direction, the fragility of other economies (looking at you, Europe) means we're not out of the woods yet. Not even close. Given that...Read More»

Repo Man
Uh Oh: First Rise In Auto Loan Delinquencies Since 2009

America's economic recovery has been slow but steady. Thanks to improved consumer confidence and slightly looser credit restrictions, individuals and businesses are moving back toward the "old normal". But hold the phone: data from Experian Automotive suggests that we may be returning to the old...Read More»

Auto loan
Americans Are Keeping Up On Car Payments Despite Easy Credit

One of the major contributing factors to the Great Recession was the U.S. credit crunch. For years, banks had been loaning money to many people who probably shouldn't have been taking on additional debt. When the economy began tanking, a significant number of those consumers defaulted on their...Read More»

Auto loan
Is It Time To Refinance Your Car Loan?

With interest rates hovering near record-lows, plenty of homeowners have chosen to refinance their mortgages. But auto loans can be refinanced, too -- the only problem being that most people don't know it. That wee bit of info comes from a new survey released by CarFinance.com, which makes its...Read More»

Auto loan
Car Loans Are Easier To Find: Should We Be Worried?

A big part of the auto industry's troubles during the Great Recession were tied to the credit crunch. After the banks failed, it became much harder for consumers to secure credit, and without credit, many shoppers found themselves unable to finance new or used cars. However, a report from Experian...Read More»

Polar Charging Post and Nissan Leaf
How Much Will The Feds Lose On Auto Loans? Not As Much As Feared

Over the past three and a half years, the federal government has gotten a lot of flak for offering low-interest loans to automakers, and automakers have gotten a lot of flak for taking them. But according to the Detroit News, a new report suggests that at least one of those loan programs won't be...Read More»

USPTO Chrysler Logo
Chrysler To Repay Government, Aston Martin V12 Zagato: Today's Car News May 20, 2011

Yesterday we learned that Chrysler intends to repay its government loans by the end of the month. But in reality it's just repaying one loan with another. Will it have a higher interest rate? [TheCarConnection] Aston Martin has revealed the V12 Zagato which it will show next week at the 2011...Read More»

Car being loaded onto flat bed tow truck
The Repo Man Cometh -- But Not On Facebook

Late last summer, we sent a warning to anyone who might be behind on a car note, credit card, or mortgage: don't accept that mysterious Facebook friend request! At the time, we'd begun hearing stories about creditors tracking borrowers' activities on social networks, then using those same networks...Read More»

British sign
Late On Your Car Note? Don't Accept That New Facebook Friend Request

Remember the paper boy in Better Off Dead -- the psycho tyke who chased John Cusak around, demanding his two dollars? Yeah, we all laughed about the little dude's persistence, but truth of the matter is, creditors like that kid make their living by being tenacious, tracking down borrowers wherever...Read More»

USAA iPhone app
Need To Buy A Car At 2:00 AM? USAA Has An App For That.

The USAA iPhone app does a lot of nifty stuff. Apart from letting users manage their USAA accounts, pay bills, and deposit checks remotely, the app also provides many benefits for drivers, including roadside assistance and a handy checklist for folks who've been in accidents. And starting next...Read More»

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