Auto Loans

Lenders Disabling Cars Remotely: The New Face of Subprime Auto Loans

Auto-lenders have found new weapons to use against consumers believed to be in default: ignition interruption devices and GPS tracking. These weapons allow creditors to prevent consumers’ cars from starting. Jessica Silver-Greenberg (author of an outstanding series of articles on debt collection, here) and Michael Corkery report here.Read More »Lenders Disabling Cars Remotely: The New Face of Subprime Auto Loans

CPFB Proposes to Regulate Non-Bank Auto Finance Lenders

September 23, 2014

The Consumer Financial Protection Bureau has proposed new rules to regulate non-bank auto finance lenders, including the lending divisions of large car manufacturers. The proposed rules are here. CFPB estimates that the new rule would cover 38 auto finance companies, which make 90% of all consumer auto loans in the country. These companies have never been regulated before.Read More »CPFB Proposes to Regulate Non-Bank Auto Finance Lenders