Ten states have reported cases in 2019 alone.
Auto sales in America are booming. But some economists and industry experts are concerned by another trend: the spike in risky auto loans for used cars. They say lenders are too often giving loans to those who are too poor to be reasonably expected to afford the payments. The Justice Department is working with prosecutors across the U.S. to investigate the industry. Auto lenders deny the scope of the problem and reject comparisons to earlier troubles in the mortgage market. What’s behind the surge in subprime auto loans — and the implications.
- Chris Kukla Senior vice president, Center for Responsible Lending.
- Michael Corkery Reporter, The New York Times, covering banking and consumer finance.
- Chris Stinebert President and CEO, the American Financial Services Association.
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