What to Do if You Fall Behind on Auto Loan Payments

Published On Oct 11, 2024, 9:00 AM

The Consumer Financial Protection Bureau (CFPB) reports that many automobile borrowers are facing difficulties, with some lenders illegally repossessing vehicles even after payments have been made or extensions granted. This is a significant issue since auto loans represent a major source of household debt in the U.S. The bureau has found that lenders sometimes add unauthorized costs to loans and is prepared to take action against those employing such practices.

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The report suggests potential regulatory challenges for auto finance companies, which could negatively impact their stock prices as compliance issues may lead to fines or reputational damage. Investors should monitor companies in the auto financing sector for any adverse regulatory outcomes.

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What to Do if You Fall Behind on Auto Loan Payments

Oct 11, 2024, 9:00 AM

The Consumer Financial Protection Bureau suggests that lenders may be overzealous in repossessing cars.

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