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
A subprime credit card company in Delaware will pay nearly $ 3 million in refunds and penalties for allegedly charging fees that the Consumer Financial Protection Bureau says violated federal law. Collection & Credit Risk
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
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
Subprime auto loan delinquencies have risen to levels that are higher than before the financial crisis and arent rising at the same pace as loans to others, Citigroup analysts wrote in a report, without citing specific issuers. Collection & Credit Risk
While year-to-date auto loan growth rates have slowed compared to last year, totals for new credit and the number of new loans originated for auto purchases are at record highest, according to the latest Equifax National Consumer Credit Trends Report. Collection & Credit Risk
U.S. banks spent much of the last five years grappling with the legal fallout from the subprime housing bubble. Now, with the launch of a surprise inquiry by a hard-charging federal prosecutor in New York, lenders are wondering if subprime auto loans are next. Collections - Other Consumer
General Motors' auto-finance arm has received a Department of Justice subpoena related to the underwriting criteria it used on securitized subprime auto loans, the company said Monday. Collections - Other Consumer
Since the collapse of the subprime mortgage market, lenders have all but stopped offering loans that sound too good to be true. But that's not the case with subprime automobile loans, which lenders continue to market aggressively to consumers with imperfect credit. Collections - Other Consumer
