Auto loans

FILE - A potential buyer surveys a 2022 CR-V sports-utility vehicle on the showroom floor of a Honda dealership, Thursday, Nov. 3, 2022, in Highlands Ranch, Colo. (AP Photo/David Zalubowski, File)

Edmunds: How to mitigate rising auto loan interest rates

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.

FILE - Clothing sits on tables for shoppers in a Costco warehouse Monday, Aug. 29, 2022, in Sheridan, Colo. The Federal Reserve is expected to raise its key short-term rate by a substantial three-quarters of a point for the third consecutive time Wednesday, Sept. 21. The goal is to slow consumer spending, reducing demand for homes, cars and other goods and services, eventually cooling the economy and lowering prices. (AP Photo/David Zalubowski)

How steep Fed rate hikes affect your finances

FILE - Credit cards as seen Thursday, July 1, 2021, in Orlando, Fla. Record low-interest mortgages are long gone. Credit card rates will likely rise. You'll pay more for an auto loan. The unusually large three-quarter point hike, Wednesday, June 15, 2022 in the Fed's benchmark short-term rate is going to have a lot of impacts on Americans' finances. The hope is that by making borrowing more expensive, the Fed will succeed in cooling demand for homes, cars and other goods and services and slow inflation. (AP Photo/John Raoux, File)

This is how a higher Fed rate could affect your finances

FILE - A customer uses the contactless payment chip in their Visa card to purchase gasoline at a station in Ridgeland, Miss., Thursday, July 1, 2021. Americans who for years have enjoyed the benefits of historically low interest rates will have to adapt to a very different environment as the Federal Reserve embarks on what's expected to be a prolonged period of rate hikes to fight inflation. (AP Photo/Rogelio V. Solis, File)

How higher interest rates will affect Americans’ finances

Car-sharing offers ways to profit from or ditch personal car

Auto lender agrees to pay $5.5M over debt collection

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.

Officials: Car lender reaches $550M multi-state settlement

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.

In this Sunday, Feb. 3, 2019, photograph, a long row of unsold 2019 911 Carrera GTS cabriolets sits at a Porsche dealership in Littleton, Colo. 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. (AP Photo/David Zalubowski)

NY Fed: Auto loan delinquencies at highest point since 2010

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.

Santander to pay $16M in subprime loan settlement

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.