Auto Financing Archives

Auto Sales & Finance

Making Repossessions Safer and Fairer: Model Consumer Amendments to Uniform Commercial Code Article 9

June 1, 2016

Existing law governing repossession of motor vehicles and other personal property leaves consumers vulnerable to the whims of creditors and largely in the dark as to the nature of the process. Secured creditors can, without any court or other government supervision, decide when to repossess the consumer’s property, seize it without notice, and sell it…

West Virginia to Adopt Used Car Donor Tax Credit Program, Incentivizing Donation of Reliable and Affordable Vehicles

March 2, 2020

FOR IMMEDIATE RELEASE: March 2, 2020 Good News Mountaineer Garage contact: Ron Wiles ([email protected]) or (304) 680-7140; National Consumer Law Center contacts: Margot Saunders ([email protected]), Stephen Rouzer ([email protected]) or (202) 595-7847 This afternoon, the West Virginia state senate unanimously approved HB 4969, Creating a Used Car Donor Tax Credit Program to incentivize the donation and…

Time to Stop Racing Cars: The Role of Race and Ethnicity in Buying and Using a Car

April 15, 2019

For many in America, a car provides not only physical mobility but also economic mobility. Yet for years, studies have shown that the costs of buying, financing, and using a car can vary based on race or ethnicity.

Transparent and Consistent Pricing of Motor Vehicle Add-Ons Act

December 3, 2018

Pricing for add-on products sold by car dealers, such as service contracts, GAP (Guaranteed Asset Protection), and window etching, is not transparent o consistent. Consumers, and even most regulators, lack information about what car buyers are charged for these products and what a reasonable price might be. Dealers decide what to charge each consumer and…

U.S. Senate Votes to Roll Back Consumer Bureau Effort to Thwart Auto Lending Discrimination

April 18, 2018

FOR IMMEDIATE RELEASE: APRIL 18, 2018 Boston – The U.S. Senate today voted to repeal guidance issued in 2013 by the Consumer Financial Protection Bureau to help auto finance companies avoid racial and ethnic discrimination by holding them accountable to fair lending laws. “It’s outrageous that the Senate voted to claw back this five-year old…

New Ways to Understand the Impact of Auto Finance on Low-Income Families

May 1, 2016

Conventional analysis of auto finance tends to ignore the number of families affected and their demographics. It also tends to obscure the rate at which new car financings are originated in comparison to other consumer debt. While economists, policymakers, and others realize the overall role that auto finance plays in the United States’ financial landscape, the scale of the impact of auto finance on those with low and moderate income, people of color, and younger people has received less attention. This report looks at existing data in new ways to better understand the true scale of auto finance for low- and moderate-income families.

Group Comments to the CFPB Regarding Defining Larger Participants in Auto Financing

December 8, 2014

These comments were submitted regarding the Consumer Financial Protection Bureau’s (CFPB) proposed rulemaking defining larger participants in the automobile financing market and defining automobile leasing activity as a financial product or service.

CFPB to Hold Auto Lenders Accountable for Discrimination in Auto Lending

March 6, 2013

Yesterday the Consumer Financial Protection Bureau (CFPB) announced it would hold banks and other lenders liable for any auto loans in their portfolio that are discriminatory. Consumer advocates were encouraged by the announcement and hope it is the first step toward eliminating unfair interest-rate markups by auto dealers. Dealers should not be allowed to sell…

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