![]() ![]() For the many Americans who need a car to get to work or school, vehicle ownership can be an expensive necessity that requires sacrificing financial wellbeing. ![]() That’s why one of the most important ways to help consumers avoid the financial risks of vehicle loans and leases is to give people more freedom to avoid car ownership in the first place. We found complaints describing how vehicle costs lead to a wide variety of problems such as damaged credit reports, bank overdraft fees, and credit card or payday loan debt incurred to cover repairs and other vehicle costs. And it’s not just loans and leases that harm consumers’ financial health. But it’s important not to lose sight of the fact that this system of predatory and abusive lending is built on a foundation of near-universal dependence on cars.Īfter all, cars are inherently expensive and risky investments. Auto Loans Rise describes key ways to protect consumers, like guaranteeing loan relief and banning repossessions during the pandemic, as well as permanently closing loopholes that allow lenders to charge exorbitant interest traits. To truly help consumers avoid auto loan problems, we need to fix the transportation system.And the biggest spike in auto loan complaints has been for consumers saying they were denied requests to lower payments. Our analysis found that there were more auto loan and lease complaints in the five month period from March through July than at any other point in the history of the complaint database. These problems facing consumers are playing out in real time in the Consumer Complaint Database. As a result, millions of Americans who lost their jobs due to COVID-19 have had to rely on the goodwill of lenders to avoid serious delinquencies or even repossession. ![]() While the CARES Act required certain levels of relief for many home loans, auto loans got no such treatment.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |