Auto Consumers Stretched to the Limit?
Third-quarter stats find budget acrobatics, more accounts in arrears
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CFPB: Longer-Term Loans Not Having Desired Effect for Borrowers, Finance Sources
The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.