Auto Loans News

Car keys and money on calendar
Dec, 14, 2011
Auto loan delinquencies are expected to remain at record lows throughout the upcoming year. This prediction is expected to hold true as the economy slowly gains strength, according to a press release by TransUnion.   For the last two years, auto loan delinquencies have been on a constant decline. TransUnion predicts 21 states will see delinquencies drop even further by the end of 2012.  
Answering machine with phone off the hook
Dec, 9, 2011
A car loan borrower named Larnell Pillow is accusing his lender of destroying his marriage over missed payments.   Pillow took out an auto loan from a company called Prestige Financial Services when he had a stable job as a crane operator. He made timely monthly payments, and grew close to his lender, revealing personal information in casual talk. One piece of information disclosed to the lender was that Pillow had a girlfriend.   But this seemingly trivial fact was important because Pillow also had a wife and kids.  
Lady Justice holding scales
Dec, 1, 2011
Eighteen people were charged today in a $1.9 million auto loan scheme in Queens, New York, according to a report by the New York Daily News.   The suspects would take out car loans on high-end cars such as Escalades, Mercedes-Benzes, Maseratis and BMWs by using straw borrowers—stand-in borrowers whose information is used to pull loans out while concealing the real borrowers’ identities in exchange for compensation. Then after obtaining the vehicles, loan payments would cease, and the real borrowers and cars would disappear.  
Toy car on rising coin stacks
Nov, 30, 2011
Auto loans issued from auto financing companies has increased by more than 47 percent, according to an Equifax press release.   There were more than 854,800 loans originated by auto financing companies in July 2011. That is up by 273,500 loans when compared to July’s loans issued last year.   Auto financing companies also outpace the amount of loans originated by both banks and credit unions combined by over 20,000.  
Magnifying glass hovering over rising graph
Nov, 22, 2011
The third quarter or 2011 held a slightly higher rate of auto loan delinquencies than the second quarter, according to The Associated Press.   The delinquency rate is characterized by borrowers who are 60 or more days late on an auto loan payment. In the second quarter, 0.44 percent of car loan holders were labeled delinquent. In the third quarter (June to September) 0.47 percent proved delinquent.   But the credit reporting agency TransUnion says this increase is likely nothing to worry about—instead it can be attributed to typical yearly patterns and holiday pressures.  
Silhouette of a soldier cut out of a hundred dollar bill
Nov, 7, 2011
A collection of consumer protection groups and advocates, including House Rep. John Campbell of California, are seeking to prohibit car dealers from preying on military personnel when administering new car loans and handling existing car loans. While many of the scams that car dealerships use to prey on military personnel are the same used on basic consumers, this collection of consumer protection groups feel service members are particularly vulnerable.
Stamp showing "Approved"
Sep, 19, 2011
September 19, 2011 – A borrower's poor credit score might no longer keep him or her from getting a new or used car loan. After becoming more cautious as a result of the financial crisis of 2008, auto lenders are now showing that they are more willing to lend to subprime borrowers. On Tuesday, August 30, Experian Automotive announced the results of its study on auto lending in the second quarter of 2011. The study reported that the rate for subprime new vehicle loans increased by 22.4 percent from 2010, from 18.21 percent to 22.29 percent.
Thumbs up in front of blue sky
Sep, 16, 2011
September 16, 2011 – In spite of a tough economic climate, auto loan borrowers are proving that they are able to make their loan payments on time. A study from TransUnion credit and information management company released in August shows that the national rate of borrowers who are 60 or more days past due on their loan payments, known as the auto delinquency rate, decreased in the second quarter of 2011.

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