More Than Half of All New Car Loans in Canada are Financed for 84-Months: Report

Every morning I wake up, splash some water on my face, and say, to no one in particular, “Today’s the day we’ll see the auto industry start trending away from absurdly long loan terms. Surely everyone will realize, today, that this can’t end well.” Today is not that day. In Canada, we’re told by way of the CBC, more…

How a Subprime Auto Lender Consumed Detroit With Debt and Turned Its Courthouse Into a Collections Agency

When Don Foss started his career as a car salesman, he recognized early on that most of his prospective customers had shaky credit, leaving them with few options for financing to buy a vehicle. So in 1972, he started subprime auto lending company Credit Acceptance Corporation to fill that void. He knew lending money…

A Rep from the Largest U.S. Porsche Dealer May Have Skipped Town With $2.5 Million in Customer Deposits

Champion Porsche in Florida has made a name for itself as the largest Porsche dealer in the U.S., a reputation secured in part by the sales prowess of its ex-vice president of marketing, Shiraaz Sookralli. But Champion now finds itself at the center of a burgeoning scandal set off by Sookralli, who’s accused by his…

Wells Fargo Now Expects To Pay $130 Million To Customers Affected By Auto Insurance Scandal

Wells Fargo now projects it’ll pay $50 million more than previous expected to people affected by a widespread auto insurance scandal, bringing the total to $130 million, according to a filing with the Securities and Exchange Commission. The practice involved selling auto insurance to about 800,000 customers who didn’t…

Auto Dealers Are Pretty Happy The Senate Just Voted To Make It Harder For You To Sue Them

Late Tuesday, the U.S. Senate passed a bill that allows financial institutions to keep putting clauses in loan contracts—including auto loans—that prevents consumers from banding together to file class-action lawsuits against lenders. Auto dealers are particularly pleased by the vote, which passed 51-50 after Vice…