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Americans Crushed by Auto Loans as Defaults and Repossessions Surge
Consumer group calls for congressional action as drivers fail to keep up with the cost of running cars
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. It says Americans have a tendency to prioritize their car bills over other household and living expenses, meaning the delinquency rates could be pointing to much more widespread and significant problems across the US economy. “Now is the time for policymakers to take a hard look at the auto lending market to call out exploitative practices that raise prices and require our federal regulators to stop sleepwalking their way through this crisis while Americans suffer,” the organization suggests.
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