All articles tagged with #auto debt
A growing number of U.S. car owners are underwater on their auto loans, with over 25% of trade-ins in negative equity, leading to higher monthly payments and potential debt cycles, driven by high car prices and loan rates, according to Edmunds.
The Federal Trade Commission (FTC) has announced a new policy, the Combating Auto Retail Scams Rule (CARS Rule), aimed at protecting consumers, including military families, from scams and deceptive practices in the car shopping experience. The rule, effective from July 30, 2024, prohibits price misrepresentations, lying about military or government affiliations, and false claims about moving vehicles out of state or country. It also targets bait-and-switch advertising and hidden fees. The FTC received over 27,000 comments on the proposed rule, with violations potentially resulting in penalties and restitution for consumers.