Figures show that six million Americans are behind on their auto loan payments by at least 90 days. This delinquency is causing concerns for lenders. Researchers from the Federal Reserve Bank say that late payment levels are now at their highest since 2010, and pressure may increase for borrowers to prove their financial circumstances.
The
Automotive Loan
Five loan companies in Arizona have been sued by the Consumer Financial Protection Bureau (CFPB) for failing to follow disclosure guidelines in online advertisements. Guidelines state that lenders must follow specific formats for disclosing any interest rate changes in online marketing. The five lenders, which make loans secured by the borrower’s car title, did not
As the auto loan industry tops $1 trillion dollars, the Office of the Comptroller of the Currency (OCC) has voiced concern over the unprecedented growth, increased delinquencies, and decreasing value of used cars. Many banks and other lenders have also relaxed their standards for borrowers to beat the competition, which has led to many unqualified
When a borrower applies for a mortgage, the lender looks at both secured and unsecured lines of credit. With secured credit, they are taking less of a gamble – they can seize the asset associated with the credit. Mortgages and auto loans are both secured, while debt such as credit card loans and student loans
“Acts of God”, for insurance purposes, are defined as events that occur through natural causes and could not be avoided through the use of caution and preventative measures. In essence, the phrase “Acts of God” refers to natural disasters.
The phrase generally brings to mind hurricanes, tornadoes, earthquakes, hail, or floods. However, the lines can
APR and APY – are they new texting acronyms? IDK, you say – or rather, you text? (For the benefit of the textually-challenged, IDK means “I don’t know.”) If you think they are texting acronyms, or just “DK” what they are, it’s time to learn.
APR and APY are financial acronyms, short for Annual Percentage