The Consumer Financial Protection Bureau last week issued a final ruling on what constitutes fair debt collection behavior when communicating with consumers and outlined what is prohibited under that definition. While lenders aren’t third-party debt collectors, American Financial Services Association leaders voiced concerns this year that its membership could end …
Read More »Auto delinquencies tick up as consumers roll out of forbearance
The number of auto loans more than 30 days past due inched up in August, an early sign that customers coming out of forbearance programs aren’t keeping up with their car payments, credit bureau TransUnion said last week. The first waves of consumers to exit forbearance programs have mostly displayed …
Read More »Consumers concerned about COVID-19 impact on credit
Consumers impacted by the coronavirus have a lot to worry about — paying bills, possibly finding a new job and, of course, staying healthy. But chief among those concerns for many is the potential long-term impacts that pandemic conditions may be having on their credit — and whether the process …
Read More »States: Consumers must be able to return leased vehicles during outbreak
A group of state attorneys general, led by California’s Xavier Becerra, urged automakers Wednesday to curb “unlawful and predatory” practices regarding the timely return of off-lease vehicles to franchised dealerships during the COVID-19 pandemic. In a letter distributed Wednesday — which includes signatures from attorneys general in Connecticut, Iowa, Minnesota, …
Read More »U.S. consumers willing to pay auto bills in quarantine, TransUnion finds
Consumers are continuing to prioritize auto expenses ahead of other payments, a credit bureau study finds, despite record job losses and shelter-in-place orders preventing many consumers from driving beyond trips to the grocery store or to seek medical care. Those financially affected by COVID-19 closures were about twice as likely …
Read More »Consumers with negative equity struggle with digital deals, retailer finds
Before COVID-19 shelter-in-place orders necessitated digital sales and remote deliveries, Lithia Motors Inc. recognized the majority of its consumers struggled in digital environments. Consumers in positive equity positions with their trade-in vehicles and perfect credit scores are least likely to require assistance with the process, executives said. The Medford, Ore., …
Read More »Consumers to lenders: Focus on security before the pitch
Satisfied with the ability to verify legitimate customers, lenders are investing in targeted marketing to entice more consumers. Those consumers, however, aren’t confident in the way lenders authenticate them online, and are less open to receiving those marketing messages as a result. Auto lenders, particularly those that offer multiple consumer …
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