Auto Loan News

Santander Will Settle With the CFPB on Vehicle Loan Claims

Santander Consumer USA Holdings Inc., an affiliate of European lender Banco Santander SA, will settle claims alleged by a U.S. consumer watchdog group that borrowers weren’t fully informed about some of their costs. In particular, the lack of information was about insurance policies and auto loans. Santander Consumer accepted interest-only payments on loans allegedl

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Wells Fargo Plans to Expand Auto Lending Again

Wells Fargo & Co. expects to increase its auto lending again. In mid-2017, Wells Fargo decided to reduce car financing and tighten its underwriting standards. In February 2018, the firm said it intended to finish consolidating its regional car loan centers by April, and that lending would expand within two quarters, reported Bloomberg. In April, Wells […]

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When High Repair Costs Total Your Car, What Happens to Your Loan?

Car repairs can be unplanned and pricey, and today’s expensive new car prices and replacement parts costs are making them even pricier. While the old adage “Buyer Beware” still holds true for car buyers, the saying, “Buyer Be Ready” might be more relevant. Rising Prices All Around In 2017, motor vehicle repair prices were 61.07 percent higher

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CFPB May File Lawsuit with Santander Bank Over Auto Loan Practices

Santander Bank is on the verge of facing action from the Consumer Financial Protection Bureau (CFPB) due to allegedly overcharging customers who were taking out auto loans with Santander according to Reuters. This action could be as soon as this week. Santander has not officially commented on media requests at the moment. So what is the […]

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Wells Fargo Criticized for Auto Loan and Insurance Practices

In a confidential report reviewed by the New York Times, the Office of the Comptroller of the Currency (OCC) expressed its disappointment towards Wells Fargo for deceptive practices in automotive insurance selling. Notably, customers of the third-largest bank in the US had unnecessary car insurance fees applied to their car loans despite the existence of sufficient [&

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