By on July 29, 2014

new couple old tricks auto lending

Six years after the dark days of the Great Recession, automotive lending is back on the rise, while delinquencies on those loans remain grounded.

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By on March 20, 2014

CFPB

Uncertainty on auto lending rules resulting from the Consumer Financial Protection Bureau’s methodology behind consent orders issued to lenders found overcharging or otherwise misleading minority borrowers has prompted calls from the National Automobile Dealers Association and the House Financial Services Committee for a detailed explanation from the bureau on said methodology.

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By on February 20, 2014

New Suckers At The Stock Photo Dealership

Just as total auto loan balances in Q4 2013 climb to $798.5 billion, the United States Chamber of Commerce has called upon the Consumer Financial Protection Bureau to draw up a detailed compliance guide for auto lenders returning to the fray.

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By on January 28, 2014

Insane People at the Stock Photo Dealership

Younger buyers and subprime consumers are expected to drive auto sales in 2014, though some banks are already stepping off the accelerator with auto loans due to heavier competition and a desire to protect their margins.

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By on April 25, 2013

Ratings agencies and other players in the finance world are beginning to sound the alarm on auto backed securities.  Among the most troubling factors for some investors is the growth of smaller issuers who rely on pools of deep subprime loans. And ratings agencies who are being more conservative with their ratings are missing out on the action.

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By on April 3, 2013

Anyone looking for an anecdote illustrating the QE-fueled madness that is subprime auto lending, take a look at this Reuters report on what constitutes a down payment in the subprime world.

And still, though Nelson’s credit history was an unhappy one, local car dealer Maloy Chrysler Dodge Jeep had no problem arranging a $10,294 loan from Wall Street-backed subprime lender Exeter Finance Corp so Nelson and his wife could buy a charcoal gray 2007 Suzuki Grand Vitara.

All the Nelsons had to do was cover the $1,000 down payment. For most of that amount, Maloy accepted Jeffrey’s 12-gauge Mossberg & Sons shotgun, valued at about $700 online.

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