Citizens to Park Auto Loan Business
Rhode Island-based regional lender Citizens Bank is getting out of the auto loan business next month.
Bank of America Adds EV Charging Units to Auto Loans
Bank of America has expanded its auto loan product to include financing for units that consumers can use to charge electric vehicles at home.
Lawrence Used Car Dealer Charged in Auto Loan Scheme
The operator of a Lawrence used car dealership was arraigned in federal court on charges of defrauding banks and credit unions in connection with an auto loan scheme.
Car Financing Fintech Hauls in $150M in Debt and Equity Financing
Lendbuzz, a fintech company that aims to disrupt the existing car financing market using machine learning algorithms, recently announced that it has secured an additional $150 million in debt and equity financing.
CFPB To Sue Santander Bank Over Auto Loans
The Consumer Financial Protection Bureau is preparing to sue Santander Bank, alleging that the Spanish bank overcharged borrowers on auto loans, two sources familiar with the plans said on Friday.
Wells Fargo Trims Auto Loans As Market Cools, Risk Overhaul Kicks In
Wells Fargo & Co. is scaling back and remolding its auto lending business in response to growing stress in the market, as well as a bank-wide push for more centralized risk controls.
Auto Loan Balances Hit Record Highs
Auto loan balances have reached a record high, fueled by steady sales growth in the post-recession economy. And as auto prices rise, auto loan terms are getting longer. Are consumers becoming overleveraged in their car purchases? Not necessarily, say auto lenders and industry experts. Subprime auto lending, which ramped up significantly after the recession, hit the brakes last year as big banks, fearing a runup in delinquencies, pulled back and went in search of consumers with higher credit scores for both new and used vehicles.
Nationwide Trends Prompt State Check In On Auto Loans
Potential warning flags cropping up in the auto finance market nationwide are prompting state regulators to take a closer look at auto financing here in Massachusetts.
Experian: Loan Terms Hit Record Highs For New, Used Cars
Loan terms are on the rise for both new and used...Experian: Subprime Auto Loans, Delinquencies Fell In Q1
The percentage of subprime and deep subprime auto...
