CFPB Consumer Advisory Board Discusses Auto and Payday

On Thursday, June 9, 2016, the CFPB Consumer Advisory Board (CAB) met in Little Rock, Arkansas to discuss an auto lending education initiative, trend and themes, and the payday proposal.  In his remarks, CFPB Director Richard Cordray stated, “Consumers should feel like they are in the driver’s seat when it comes to financing their car or truck…The CFPB’s auto loan shopping sheet provides a roadmap for consumers to navigate the complexities of a loan. Consumers should know before they owe when it comes to the total cost, not just the monthly payments.”

In conjunction with the meeting, the Bureau released an auto lending education website, auto loan worksheet, and report titled: “Consumer Voices on Automobile Financing.”  The website offers four sections about the auto lending process, including:

1. Plan to shop for your auto loan;

2. Learn to explore loan choices;

3. Know what is negotiable; and

4. Understand how to close the deal. 

The “Consumer Voices” report is a compilation of qualitative research about consumers’ auto financing experience and complaints about auto lending from the Consumer Response Database.