The CFPB says shopping for a car loan generally has little to no impact on your credit, and lender checks within a window count as one. Here is how it works.
Your car was just repossessed. Here’s what to do in the next 48 hours: reinstatement options, bankruptcy to stop the auction, how to get your belongings back, and your state’s protections.
Quick Answer: The CFPB penalized Hyundai Capital America $19 million for furnishing inaccurate credit information in 8.7 million instances across 2.2 million consumer accounts between 2016-2020. Affected consumers should dispute errors with credit bureaus and may be eligible for the $13.2 million redress fund.Today, the Consumer Financial Protection Bureau (CFPB) penalized Hyundai Capital America (Hyundai) …
Quick Answer: When facing both a new lease payment and an old car loan due to negative equity rollover, the borrower should be extremely cautious of credit representatives promising to eliminate the $9,000 owed on the previous vehicle. These situations typically require careful legal review rather than quick fixes, as voluntary repossession would still leave …
Quick Answer: North Carolina’s Attorney General successfully shut down Liquidation, LLC and recovered vehicles from a predatory title loan operation that charged illegal interest rates of 161-571 percent to over 700 consumers. The Department of Justice froze $178,000 in restitution funds after the unlicensed lenders failed to appear in court.Attorney General Josh Stein recently announced …
Quick Answer: Massachusetts consumers received clear titles after the state’s Attorney General voided over 200 illegal online title loans made by Liquidation, dissolved liens on vehicles, and ordered $1.3 million in penalties. More than 50 vehicle owners have already received new lien-free titles, with some repossessed vehicles eligible for return to their original owners. If …
Quick Answer: Auto dealers legally share credit applications with multiple lenders to find the best rates, but FICO treats all auto loan inquiries within a 30-day period as a single inquiry. The practice doesn’t damage credit scores when shopping occurs within the designated timeframe.Question:Dear Steve,My husband did a pre-approval on an auto loan. He only …
Quick Answer: If a car loan is denied after purchase, the dealer may be able to rescind or rewrite the contract depending on specific terms in the financing agreement. Most auto contracts include clauses allowing lenders up to 30 days to finalize loan approval, meaning the buyer could face returning the vehicle or accepting different …
Quick Answer: Auto loan rates can sometimes be negotiated or refinanced, but lenders typically won’t lower existing rates without cause like improved credit or market changes. The husband’s situation with no credit history resulted in higher rates, and refinancing with another lender may be the best option to reduce the payments.Dena “Dear Steve,My husband bought …
Quick Answer: When car lenders break payment promises, borrowers have limited recourse since verbal agreements lack legal protection. Nicole’s situation with Wachovia Dealer Services shows why written payment arrangements are essential – they repossessed her car despite her $345 payment, demanding the full $9,110.19 balance.Nicole “Dear Steve,OKAY HERE IT IS…I had a payment arrangement with …
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