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The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.
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Auto loan defaults fell to a 10-year low in May, squashing concerns about a forming subprime auto loan bubble. But not all consumer credit categories were a picture of health in May.
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Default rates inched up in August across multiple consumer credit categories, including auto loans and mortgages, according to data released by S&P Dow Jones Indices and Experian.
Read More →Consumer credit defaults remained relatively stable in July, according to data from S&P Dow Jones Indices and Experian. The on exception were auto loans, which showed an increase in defaults.
Read More →If a finance company buys retail installment contracts from auto dealers in its home state, what happens when a consumer named in one of those contracts moves to a state with different laws from the company’s home state? Attorney Nikki Munro discusses a recent case that poses that very question.
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