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Tag Archives: auto lending
Gutting Consumer Finance Protection Bureau Hurts Auto Biz
As a congressman, Mick Mulvaney sponsored legislation to abolish the CFPB. A White House budget proposal cuts funding for the CFPB by ~$150 million – 25% of its total budget. Mulvaney has already frozen hiring and put a temporary hold on payments to victims of illegal banking practices. Three to 5 million American households turn to payday loan companies whose storefronts in working class neighborhoods outnumber McDonalds and Starbucks. Continue reading
NADA Opposes Credit Reform on Auto Lending Practices
the National Automobile Dealers Association (NADA) is lobbying members of the U.S. House Financial Services Committee to pass H.R. 1737, a bill that would repeal the Consumer Financial Protection Bureau’s (CFPB) 2013 guidance on fair auto lending practices Continue reading
Posted in customer satisfaction, news analysis
Tagged auto lending, autoinformed, autoinformed.com, Ken Zino, nada
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NADA FOIAs to CFPB on Targeting Auto Dealers
As always, it pays to shop since rates can vary drastically, and there have been cases of blatant discrimination where dealers charged varying amounts even though the victims have the same credit scores. (Read AutoInformed on Asian Auto Lending Discrimination in Los Angeles?) Continue reading
Posted in prices
Tagged auto lending, autoinformed.com, cfpb, flat rate lending, Ken Zino, nada
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60-Day Auto Loan Delinquencies Rise for First Time since 2009
It was the first time since the end of 2009 that either 30- or 60-day loan delinquencies increased year-over-year. In what could be an early warning sign that sub-prime loans from finance companies are becoming too speculative, the total balance of 60-day delinquent loans grew from $3.48 billion in Q4 2011 to $3.93 billion in Q4 2012. Continue reading
Posted in auto news, economy, financial results, news analysis
Tagged auto informed, auto lending, autoinformed.com, automotive news, experian, Ken Zino, sub-prime loans
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