To be honest, I didn’t realize this was a record-setting number last month when I reported on the impact of subprime auto lending in the U.S. ever since the economic crisis of the late-2000s. But a new report confirms as much: Americans owe $1.1 trillion in auto loans, a new record, according to Automotive News.
Santander Consumer USA, the subprime auto lending subsidiary of the Spanish banking giant, has replaced its chief executive following years of regulatory scrutiny that has mired the company in controversy.
Uber has long been criticized for lending practices designed to reel in prospective drivers to the ride-hailing company, particularly their program to push people into subprime auto loans. Now, facing significant losses, the company’s planning to wind down the lending business, according to the Wall Street Journal.
Things felt like they were finally turning around for Aaron Woodrum in March 2015 after several months of unemployment. The 38-year-old had fallen behind on bills, causing his credit score to slip. But, thankfully, he’d secured a new job, bolstering his prospects. He just needed a car.
USA Today, America's most colorful newspaper, is running a story about devices that are being used to ensure car payments are made on time or it will kill the car. It's not the most high tech device in the world, but I'm sure it works and gets the job done. A box installed in vehicles purchased with subprime loans…