Car Loan Complaints Climb As Pandemic Squeezes Paychecks
Many of the complaints were linked to people refinancing car loans to ease financial pressures, says the U.S. Public Interest Group.
Complaints about car loan and lease companies are on the rise. That’s according to the U.S. Public Interest Research Group.
It found between March and July, Americans filed more than 2,800 complaints about their car payments. That's more than any other 5-month period.
Some of the uptick is being blamed on tough financial situations due to the pandemic.
A lot of those involved unexpectedly rolling an old auto loan into a new one and people who focused more on low monthly payments and not on the overall term.
Experts say if you do have problem your best course of action is generally to file with the Consumer Financial Protection Bureau.
The group recommends not rolling an old auto loan into a new loan, avoiding buy here – pay here lots, and comparing the total cost of the loan including interest paid rather than monthly payments.
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