The Consumer Financial Protection Bureau expanded its probe into the car loan industry by issuing subpoenas to auto lenders over the sale of financial products like extended warranties, the WSJ reported.
As more Americans go into dealerships to buy a new car or truck, they are increasingly stretching out their auto loans to at least five years in length, and often to six and seven years.
CNBC's Phil LeBeau has the details on the uptick in subprime car buyers. With more people getting loans and buying cars, how is this affecting the economy? Rebecca Lindland, IHS director of automotive research, weighs in on the need for a happy medium.