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CFPB Auto Lender Complaints: Now Viewable at AFN!

Auto Finance News, the industry’s leading publication, has recently announced a new offering that will turn heads of industry executives and consumers alike:  the company has accessed, sorted, and published the information contained in the complaints database of the CFPB (Consumer Financial Protection Bureau). This allows everyone, from C-level execs at leading banks and lenders […]

Car Loans with ITIN Numbers: What to Know

It is possible for illegal immigrants to get a car loan through an IRS technicality. The IRS requires that everyone pay taxes, even if they are illegal immigrants. The IRS is required by law to provide a way for illegal immigrants to pay those taxes without a social security number. The solution is called an […]

Auto Finance Industry’s Growth Faces Challenges in 2014

All in all, it appears that 2013 was a year of major growth in the auto finance field. Originations grew by 30%, and Loans/Lease products grew by 14% among the top 100 financial institutions. Marcie Belles, Vice President of Auto-Finance at Auto Finance Advisors, speculates that 2014’s growth will be challenged by tough competition and […]

Is it Dumb to Buy a New Car?

Saying that buying a new car is dumb may be a little harsh. Buying a new car has its good points and bad. Let’s have a look at both. Reasons to Buy a New Car Bad/no credit…Often specialty lenders will only offer loans to bad credit/no credit customers if they purchase a new car. Even […]

What is Yo-Yo Financing?

Yo-yo financing is a fairly recent quasi-scam. It is more common with dealerships dealing with low credit scores and only when you opt for dealership arranged financing. It also goes by the name “spot-delivery.” The Basics of a “Yo-Yo” Scam Many dealerships are advertising financing for any credit score. These dealerships have a network of […]

Can I Get a Car Loan in My Business Name?

It is possible to get a car loan in your business’s name, but it is not as simple as getting a personal car loan. There is a wealth of additional documentation that you will be required to furnish, and your business must be relatively well-established to qualify. Typically, it will need to be at least […]

Can a Car Loan Be Transferred to Another Bank?

If you are hoping to secure a lower interest rate, or you are simply unhappy with your lending institution for one reason or another, you may have wondered if you could simply transfer your auto loan to a new bank. Unfortunately, a loan like this cannot be simply transferred. You will have to refinance the […]

Fewer Families Own Cars: Nearly 10%!

For the first time in fifty years, fewer Americans own cars. Recent data shows that 9.3% of American families are now without a car. Though many may believe this trend is due to current economic conditions, State Highway and Transportation officials say it is because there are a variety of alternatives to travel. Other studies […]

Can I Use a Home Equity Loan (HELOC) to Buy a Car?

Yes, you can use a home equity loan (HELOC) to buy a car. As with everything in life, there are pros and cons to doing so. The Cons We will start with the downside because I am a bad news first kinda guy. A HELOC is a variable interest loan. A standard car loan is […]

Rising Large SUV Sales = a Happy General Motors

General Motors, with its GMC Yukon, GMC Yukon XL, Chevrolet Tahoe, and Chevrolet Suburban, is reaping the benefits of the resurgence of the full-size SUV market. Long the most dominant maker of large SUVs, GM currently has a 74 percent market share of this segment. And, with each of these models being completely redesigned for […]