Past practices by Honda Finance resulted in thousands of African-American, Hispanic, and Asian and Pacific Islander borrowers paying higher interest rates than white borrowers for their auto loans, according to U.S. authorities.
Under a pilot program launching in six U.S. cities and London, customers who finance their vehicles through Ford Motor Credit will be able to rent their vehicle to pre-screened drivers for short-term use.
The U.S. agency in charge of keeping motorists safe from defective vehicles has failed to do its job, especially in the largest single case in recent history: General Motors’ ignition switch defect that’s reportedly responsible for more than 110 deaths, an audit of the agency has found.
The U.S. Consumer Finance Protection Bureau said Wednesday that it asserting its authority to oversee what are called “non-bank” auto finance companies — the lenders who write many of the subprime loans for low-income car buyers.
Costco is appealing to car consumers because they offer fixed prices, no haggling and none of that notorious upselling that buyers find annoying as part of the drawn-out dealership experience.
A sharp rise in revolving credit, mostly from credit-card debt, to an 11.57 percent annual rate, represents the second-biggest jump since the recession ended nearly six years ago.
The average loan term for new and used vehicles have jumped by one month, reaching all-time highs of 67 and 62 months.
In the first quarter of 2015, the percentage of automotive loans that fell within the subprime and deep subprime risk categories made up 19.7 percent of the market, its lowest share since 2012.
Dealers are not required by law to disclose to customers that a vehicle is the subject of a recall. Legislation to address the issue has failed to win broad support in Congress.
Recently, there’s been a new wave of media reports about how some Uber drivers are struggling to keep up with the monthly payments on these high-interest auto loans.