car loan

6 Stories

More Car Owners Are Upside Down on Loans

That can make for a nasty surprise if the vehicle gets totaled

(Newser) - The Wall Street Journal calls attention to a new stat from CarEdge that often winds up having unpleasant results for car owners: About one-third of people with loans on their vehicle owe more than it's worth. Meaning, if the car gets totaled, they have to continue making payments for...

Average New Car Loan Tops $40K as Prices Climb

Used buyers also are borrowing more

(Newser) - Gas gets more attention, but the price of new vehicles has skyrocketed, too—hitting a record average of $46,259 this month. That's led to another record: The average new vehicle loan in the US reached $40,290 in the second quarter, Experian reported Thursday. The company calculated that...

Wells Fargo Takes 'Important Step in Making Things Right'

Company will pay at least $385M to settle class-action suit on auto loans, car insurance

(Newser) - Wells Fargo has agreed to pay at least $385 million to settle a California lawsuit alleging it signed up thousands of auto loan customers for costly car insurance without their consent, resulting in many having their vehicles repossessed. The bank filed the agreement Thursday in a federal court in Santa...

7M of Us Are Behind on Our Car Loans. Is It a Red Flag?
We Haven't Been This Behind
on Car Loans Since 2010
the rundown
Feb 13, 2019 10:35 AM CST

We Haven't Been This Behind on Car Loans Since 2010

NY Fed says more than 7M Americans are 90 days or more behind

(Newser) - 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 7 million Americans were 90 or more days behind on their car loans at the end of last year,...

Subprime's New Frontier: Auto Loans

Banks jumping back into lucrative market

(Newser) - That whole "subprime crisis" hasn't scared banks away from the lucrative world of subprime lending. The nation's top subprime lenders—like Capital One, GM Financial, HSBC, and JPMorgan Chase—are all trying to woo back less-creditworthy borrowers, who tend to rack up late fees while paying rates...

Cash-Strapped Americans' No. 1 Priority: Car Payment

Yep, ahead of paying off credit card bills and the mortgage

(Newser) - Americans really don't want to lose their rides. A study finds that the cash-strapped among us are paying off their car loans before they pay credit card bills and make mortgage payments. It used to be that Americans would pay their home loans first, then their credit card and...

6 Stories