The Federal Reserve issued its latest interest rate hike in early November. It marks the sixth increase this year and has also pushed auto loan finance rates to their highest since 2008.
BOSTON (AP) — A subprime auto lender has agreed to pay more than $5.5 million to Massachusetts to resolve allegations that it did not provide proper explanations about its auto loan debt collection practices to consumers, the state attorney general’s office said Friday.
SACRAMENTO, Calif. (AP) — Thirty-four attorneys general announced a $550 million settlement Tuesday with auto loan financing company Santander over allegations it knowingly targeted consumers who were likely to default on its loans.
DETROIT (AP) — Borrowers are behind in their auto loan payments in numbers not seen since delinquencies peaked at the end of 2010, according to the Federal Reserve Bank of New York.
More than 2,000 Bay State residents who were coerced or pressured into auto loans they couldn’t afford will share $16 million as part of a settlement with Santander Consumer USA Holdings, which knowingly granted loans it knew couldn’t be paid, Attorney General Maura Healey announced yesterday.