Newsroom
June 28, 2016
CFPB highlights vehicle loan complaints
CFPB's monthly complaint "snapshot" for June, which focuses on consumer loan complaints, shows 52 percent of such complaints since July 21, 2011, pertained to vehicle loans.
One of the most common vehicle loan complaints involves payment problems that lead to vehicles being repossessed. Consumers complained that vehicles were repossessed without notification, in some cases when consumers believed a resolution agreement was in place.
The second-most-common complaint for consumer loans was installment loans, at 31 percent.
"It is important that financial institutions give consumers accurate information about the terms of their loan and provide proper guidance to help consumers manage the loan and ultimately pay it off," said CFPB Director Richard Cordray.
CFPB said it has handled approximately 38,500 consumer loan complaints since July 2011.
The report also noted that the most-complained-about topic in May was debt collection, followed by credit reporting and mortgages. The report also highlighted complaints from Arkansas, where debt collection is the most-complained-about topic, accounting for 29 percent of all the state's complaints; nationwide, debt collection accounts for 27 percent of complaints nationwide.
One of the most common vehicle loan complaints involves payment problems that lead to vehicles being repossessed. Consumers complained that vehicles were repossessed without notification, in some cases when consumers believed a resolution agreement was in place.
The second-most-common complaint for consumer loans was installment loans, at 31 percent.
"It is important that financial institutions give consumers accurate information about the terms of their loan and provide proper guidance to help consumers manage the loan and ultimately pay it off," said CFPB Director Richard Cordray.
CFPB said it has handled approximately 38,500 consumer loan complaints since July 2011.
The report also noted that the most-complained-about topic in May was debt collection, followed by credit reporting and mortgages. The report also highlighted complaints from Arkansas, where debt collection is the most-complained-about topic, accounting for 29 percent of all the state's complaints; nationwide, debt collection accounts for 27 percent of complaints nationwide.
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