The U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) today announced its plans to require automakers and motorcycle manufacturers to provide consumers with a free online tool that will enable them to search recall information by Vehicle Identification Number (VIN) starting next year. Many manufacturers already do this, but some don’t — like…
At car dealers across the United States, loans to subprime borrowers are surging – up 18 percent in 2012 from a year earlier, to 6.6 million borrowers, according to credit-reporting agency Equifax Inc. And as a Reuters review of court records shows, subprime auto lenders are showing up in a lot of personal bankruptcy filings,…
Auto lending is up, which has brought concerns about whether risky loans are driving the trend. A new analysis from the Federal Reserve Bank of New York finds new auto loans to borrowers with low credit scores have indeed risen, but are still well below the levels seen during the credit bubble years leading up…
Getting annoying calls, texts from car dealers or others? The Hanson Law Firm can help. The Telephone Consumer Protection Act (TCPA) restricts marketing calls and text messages to cellphones and residential landlines by generally prohibiting communication using automated systems, artificial callers, or prerecorded voices unless the consumer gives “prior express consent.” The TCPA also specifies…
Automakers like Kia, Honda, Toyota and Mercedes-Benz are trying to create a secret, private “justice” system as the only remedy for the Lemons they sell — it’s called “arbitration.” Arbitrators, who are paid by the automakers for their services, don’t have to follow the law and don’t have to consider the facts. Their decisions are…
Toyota Motor Corp. is paying $16 million over the safety recall of vehicles at risk for unintended acceleration and braking issues, Orange County prosecutors announced in April. Under the settlement, Toyota continues to deny all claims. Half the money will go to gang reduction and the rest to costs and future economic crime. This is…
Car loans are now lengthening again — up to 96 months now! In fact, 33% of new loans are now 72 months or LONGER. This is bad news for consumers as they will now be carrying finance costs for vehicles for virtually the entire useful life of the vehicle: 8 years of finance costs on…
Toyota recalled millions of vehicles in 2009 and 2010 related to charges that throttles could jam in the open position, and has now announced a $1.1 billion settlement to resolve lawsuits alleging “unintended acceleration” in some Toyota and Lexus models. As reported in USA Today, Toyota “will create a fund for retrofitting 3.2 million Toyota…
The Los Angeles Times recently ran an article discussing the fact that the estimated 250,000 cars flooded by Superstorm Sandy will drive up used-car prices across the nation. Nearly all of the consumers who lost their vehicles in the storm will need to quickly find replacements. As detailed in the article, this price increase…
On June 18, 2012, in their “Money” section, Time published an article online entitled “4 Rules for Getting a Car Loan”. The author touches on some important tips that bear repeating. Some thoughts: If you plan on financing a car through a dealer, you should be aware of your credit before go. Review your credit…
