Student Loans, Auto Loans Drive Consumer Borrowing Surge
Consumer borrowing to a record high in February, fueled by a large jump in auto and student loans. The value of non-revolving debt climbed by the most since July 2011. Collection & Credit Risk
Auto Loan Modification, Fraud Targeted in Crackdown
A nationwide and cross-border crackdown on auto sales, including loan modifications, has included 252 enforcement actions. Collection & Credit Risk
Lender Easily Sells Subprime Auto Loan Bundle
Despite turmoil in the auto loan market - delinquencies are up, more people are losing their cars to repossession - Santander Consumer USA still had few problems finding buyers last week for a bond deal consisting of auto loans to credit-troubled borrowers. Collection & Credit Risk
Auto Lenders’ Shares Sag Under Regulatory Pressure
U.S. auto lending is still booming, but those in the industry are not smiling as widely as you might expect. Collection & Credit Risk
High-Cost Auto Title Loan Lending Accelerates
More than 1.1 million households in the U.S. used auto title loans in 2013, according to a survey by the Federal Deposit Insurance Corp. - the first time the agency has included such loans in its annual survey. Collection & Credit Risk
Santander Bank’s Subprime Auto Lending Business is Under Investigation
The financial services company Santander's subprime auto lending business is under investigation by Massachusetts Attorney General Martha Coakley's office over concerns it may have been engaged in predatory lending practices. Collection & Credit Risk
Auto Delinquencies Rise on Increased Subprime Lending
Two credit-reporting companies say that a jump in lending to borrowers with poor credit has helped lead to a growing number of Americans falling behind on their car payments. Collection & Credit Risk
FTC Acts Against Auto Dealer Groups for Truth-in-Lending Violations
The Federal Trade Commission is taking action against two auto dealer groups, operating in five states with more than two dozen retail stores, for civil penalties for violating FTC administrative orders prohibiting them from deceptively advertising the cost of buying or leasing a car. Collection & Credit Risk
Is the CFPB Overestimating Racial Bias in Auto Loans?
WASHINGTON The financial services industry believes it has finally discovered proof that the Consumer Financial Protection Bureau uses flawed methods to detect possible discrimination in auto loans. Collection & Credit Risk
CFPB Spotlight on Auto Sector Grows with Dealer Fine
The CFPB has hit the auto dealer DriveTime Automotive Group, and its financing arm DT Acceptance Corp., with an $ 8 million fine, alleging that the group made overly aggressive debt collection calls and provided inaccurate data to the credit reporting agencies. Collection & Credit Risk
