More Americans falling behind on car loan payments, S&P saysTue, 11, Oct 2016
Subprime borrowers are falling behind on their car loan payments at the highest rate in more than six years, according to S&P Global Ratings. Competition has spurred lenders to loosen standards and resulted in more delinquencies and defaults by people with weak credit, the ratings firm said.
Subprime auto lending gets blasted by comedian John OliverTue, 16, Aug 2016
Comedian John Oliver took a break from mocking Donald Trump and the Rio Olympics to warn about the dangers of subprime auto lending. Oliver devoted nearly 18 minutes of his weekly HBO show “Last Week Tonight” on Sunday to subprime auto lending.
Dealer helps high-rate customers refinanceWed, 01, Jul 2015
Honolulu Ford President Mark Benson proactively tries to refinance customers with high-interest-rate car loans, including ones the dealership initially arranged. Failing that, he works to help customers trade up to a new or newer vehicle with a much lower interest rate and monthly payment. He estimates he sells eight to 10 cars a month this way, along with creating good word-of-mouth for future sales.
GM Financial faces government, state probes over subprime loans, securitiesThu, 23, Oct 2014
GM Financial disclosed Thursday it is being investigated by “state attorneys general and other governmental offices” in connection with subprime auto loans and the sale of subprime auto loans in the form of asset-backed securities.