Many Americans love the feeling of driving a new car, but the price of that thrill is pushing household budgets to the edge. Auto loan delinquencies are spiraling, the nation now owes a staggering $1.66 trillion in auto loans, and some figures show scary similarities to the period right before the 2008 financial crash.
That’s according to a new report titled “Driven to Default: The Economy-Wide Risks of Rising Auto Loan Delinquencies” from the Consumer Federation of America (CFA). It describes auto finance in the US as being “at breaking point,” and criticizes Congress and the country’s federal watchdogs for stepping back, despite evidence showing they’re needed more than ever to protect buyers from unscrupulous dealers.
Read Article