Ford Initiating Simplified Auto Loan Forms;
Posted on August 12, 2010
Filed Under Consumer Protection
As a form of consumer protection, Ford and other automakers will begin to offer simplified auto loan forms. The latest Ford model prices can be see at Cincinnati Ford Quotes. Ford is looking to initiate nation-wide consumer protection measures that the Obama administration has overseen. Consumer protection is of the utmost concern after the recent mortgage market collapse and the large number of bad loans that were given. There are several Volkswagen models that can be purchased with loans on good terms with Volkswagen Specials, and many automakers have now begun to only offer financing to the prime financial market.
Mazda Boston and other dealers may be willing to work with consumers with less than perfect credit, but now financial regulations are limiting the types of loans that can go out to that group. There are now also limitations on credit scores, for instance it has become very difficult for those with a credit score of less than 640 to get an auto loan. In the past, this was possible with subprime loans.
The new regulations are designed to protect consumers from complicated auto loan forms in which details about the loan may be difficult to spot or even hidden. In the past, some dealers used forms that had verbose material about the terms of the loan, so much that the consumer would not take the time to adequately examine the terms and would become stuck with a loan that was not good for them.
The auto loan form plan is a part of a broader initiative to regulate the consumer credit and mortgage industry which was more of the problem behind the recession as opposed to subprime auto loans. The new U.S. consumer protection agency would be behind the efforts to make the auto loan forms more simplified, and the program will be implemented over the next few months.
People who looked at this item also looked at…
Related items
Comments
Leave a Reply
