WASHINGTON, Oct. 14 -- Consumer complaints to the Consumer Financial Protection Bureau (CFPB) regarding vehicle loans and leases have increased sharply during the coronavirus pandemic, according to a new report by the U.S. PIRG Education Fund and Frontier Group. The analysis suggests that consumers are facing abusive and deceptive practices from the automobile lending industry.
"The pandemic has caused auto loan complaints to spike," said Ed Mierzwinski, senior director for Federal Consumer Programs at U.S. PIRG Education Fund. "While so many Americans have endured life-changing events in the past few months and have a lot less money, auto loan market abuses that have been growing since the 2008 financial collapse have dramatically worsen...