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toy car on hundred dollar bills
According to a TransUnion report, 2014 will be a year of increases in both auto loan lending and payment delinquencies. The average automotive debt per borrower is expected to increase from a 2013 figure of $16,942 to a 2014 figure of $17,966. Auto loans that are 60 days or more past due are expected to increase from 1.1 to 1.19 percent. However, this is still below the delinquency peak of 1.59...
car dealership lot
The CFPB is gearing up to change lending rules for auto loan lenders in 2014. The Bureau alleges that dealer reserve, which is a kickback dealerships receive for charging consumer’s higher interest rates on auto loans, is little more than a ripoff to consumers. In place of this, the CFPB wants to create a flat fee policy that would replace dealer reserve and also prevent lending discrimination....
mortgage loan hand with keys
New mortgage loan rules beginning on Jan. 10, 2014 could limit the current availability and cost of mortgage loans but experts state that the real impact is in the long-term. The new lending rules are an amendment of Regulation Z of the Dodd-Frank Act. According to the Consumer Financial Protection Bureau, lenders must confirm that a borrower’s debt-to-income ratio is less than 43 percent. In...
Man reviewing documents
A newly proposed bill would stop pre-employment credit checks on non-security related jobs. Last week, Senator Elizabeth Warren (D-Mass.) announced The Equal Employment for All Act, which would amend the Fair Credit Reporting Act and thereby stop employers from requiring an applicant’s credit history. The proposed bill would also prohibit employers from disqualifying employees based on a poor...