Subprime lenders are increasingly relying on technology that allows them to track and disable delinquent borrowers’ vehicles.» Read More
WASHINGTON, Sept 8- U.S. consumer credit soared in July, posting its biggest jump since November 2001, driven in part by demand for auto loans and student borrowings. Total consumer credit increased $26.01 billion to $3.24 trillion in July, the Federal Reserve said on Monday.
Individuals aged 18-29 are less likely to own a credit card than any other age group, according to a new Bankrate.com study.
In the second quarter, 85 percent of new car purchases and 53.8 percent of used car purchases were financed, according to data from Experian Plc, an information provider.
More Americans are falling behind on auto loans. CNBC's Phil LeBeau reports 19.6 percent of auto loans are subprime or deep subprime.
CNBC's Phil LeBeau says subprime auto loans surged in Q2, according to Experian.
Experian Automotive's Q2 report show a significant 70 percent increase in the rate of auto repossessions, reports CNBC's Phil LeBeau with a look at the recent data.
Aug 7- Santander Consumer USA Holdings Inc said it has recently received a civil subpoena from the U.S. Department of Justice related to its nonprime auto loans. FIRREA, the Financial Institutions Reform, Recovery and Enforcement Act, allows the Justice Department to sue over fraud affecting a federally insured financial institution.
GM received a subpoena from the US Department of Justice requesting information about the company's use of subprime automobile loan contracts.
WASHINGTON, Aug 4- The U.S. government is investigating General Motors Co's auto financing arm over subprime auto loans it made and securitized since 2007, the company disclosed on Monday. General Motors Financial Co Inc said it was served with a subpoena from the Department of Justice directing it to turn over documents related to underwriting criteria.
Aug 4- General Motors Co's auto financing arm said it received a subpoena from the U.S. Department of Justice to produce documents related to subprime auto loans since 2007..
NEW YORK, July 29- Ally Financial Inc reported a bigger-than-expected quarterly profit on Tuesday as auto lending jumped 11 percent to the second-highest level in the company's history. The former financing arm of General Motors Co said it had earned $323 million, or 54 cents per share, in the second quarter.
CNBC's Phil LeBeau; John Berlau, The Competitive Enterprise Institute; and the "Closing Bell" panel discuss if the rise in subprime loans will trigger another crisis.
This time it is auto loans, not the housing market, that appear to be driving a credit bubble similar to the 2008 bubble. FT reports.
This will be the best auto year probably in the last eight or nine years, predicts John Stumpf, Wells Fargo CEO, sharing his expectations on the auto industry. And AutoNation's Mike Jackson, weighs in.
Bank of America will announce it will lower the threshold for consumers who qualify for discounts on loans and other benefits.
CNBC's Phil LeBeau reports on the new ways customers are financing their vehicles.
Americans defaulted at the lowest rates last month since before the recession rocked the U.S. economy, according to a new report.
Jeff Snider, Alhambra Investment Partners, says the growth in auto and student loan debt are the best ways to create systemic poverty in the U.S.
Ally Financial is debuting on Wall Street. Michael Carpenter, Ally CEO, discusses the company's IPO pricing range and why the bank chose to go public and not sell.
CNBC's Phil LeBeau reports the average auto loan is now averaging $27,430 according to Experian. The "Closing Bell" panel provides perspective on the data.