Winter 2021-2022
Navigating the auto loan process
Troubling auto loans
By Ruth Susswein
Most consumers get their car loans through auto dealers. What they often don't know is that they may be signing up for interest rates that can make the payments much higher than they should be. Findings from a recent investigation warn that individual consumers may be overpaying by thousands of dollars on their car loans. Read more.
Unaffordable auto loans
By Alegra Howard
A year-long investigation into auto loans reveals that many Americans are overpaying by thousands of dollars for their loans--even those with great credit scores. The data shows that consumers don't know they have options. Read more.
Auto loan markups cost non-white buyers more
By Monica Steinisch
Historically, dealer markups on auto loan interest rates cost minorities more than similarly qualified white buyers. A federal agency's five-year effort to end these discriminatory lending practices was overturned by anti-regulation interests in 2018, largely leaving non-white car buyers to protect themselves. Read more.
Protect yourself from car loan rip-offs
By Ruth Susswein
We offer tips on how to protect yourself from being ripped off on your next car loan. Start by remembering to negotiate interest rates as well as the cost of the car. Read more.
Car leasing tips
By Alegra Howard
Whether car loan or car lease, focus on the total cost of the deal. We offer some tips on how to get what you need when you lease. Read more.
Consumer Action
www.consumer-action.org
Consumer Action has been a champion of underrepresented consumers nationwide since 1971. A nonprofit 501(c)(3) organization, Consumer Action focuses on financial education that empowers low- and moderate-income and limited-English-speaking consumers to financially prosper.
By providing financial education materials in multiple languages, a free national hotline and ongoing financial services research, Consumer Action helps consumers assert their rights in the marketplace and make financially savvy choices.
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