Lower inventories, higher prices and reduced demand, among other factors, are central to some of the changing dynamics in the auto finance market, resulting in a rise in auto loan delinquency rates. A new TransUnion (NYSE: TRU) study, “A Critical Eye on Auto Performance,” found that despite an increase in serious auto loan delinquencies, consumers possessing multiple credit products continue to value auto loans nearly as much as mortgages, and much more than their credit cards.
New York Gov. Kathy Hochul signed legislation, S.B. 7862B, last week waiving the 22% collection fee on student-related debt. The legislation passed both the Assembly and Senate with wide margins in June. The legislation was then delivered to the governor and signed into law on Oct. 12.
New Jersey State Representative Paul Moriarty (D - Camden and Gloucester) has formally proposed a new bill to prohibit auto manufacturers and dealers from offering subscriptions for vehicle features if the components necessary for that feature are already installed on the vehicle at the time of sale.
More than 50 Cornerstone-member credit union leaders and advocates spoke with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Discussion topics included auto loans, overdraft protection programs, rulemaking, and ways to engage with the CFPB.
The Federal Trade Commission is taking actionagainst auto dealer Passport Automotive Group for deceiving consumers by tacking hundreds to thousands of dollars in illegal junk fees onto car prices and for discriminating against Black and Latino consumers with higher financing costs and fees. Passport, its president, Everett Hellmuth, and its vice president, Jay Klein, will pay more than $3.3 million to settle the FTC’s lawsuit, which will be used to refund consumers harmed by Passport’s conduct.
.jpg)
.jpg)