Invalidating an auto loan
The funds will be sent when your refinance loan documentation has been received and verified by a Road Loans funding specialist.
Once completed, the funds will be forwarded to you via check or you can choose to have the funds electronically transferred into your account. Consolidate debt and pay off higher interest obligations you may have, pay for home and auto repairs, or buy a large ticket item. If you are an existing Santander Consumer USA customer, you may be able to refinance an auto loan that you have with another lender.
Refinancing can be a simple process with Road Loans.
Upon approval, you can download the necessary documents to sign and submit. We will work with your current lender to pay off your existing loan and receive the title to your vehicle from your old lender.
The CFPB fined several auto lenders tens of millions of dollars between 20 using that guidance, including Ally Financial Inc. Getting rid of those rules “is a dangerous step backwards and sends a message to the American people that it’s OK for auto dealers to give consumers a higher price tag for a car simply because of the color of one’s skin,” wrote Nikitra Bailey, an executive vice president at the Center for Responsible Lending, a nonprofit based in Durham, N.
The Senate voted in favor of the resolution Wednesday. The proposal has won praise from Senate Majority Leader Mitch Mc Connell, who tweeted Tuesday, “We will protect consumers from a brazen attempt by the past director of the CFPB to stretch his authority and interfere in the auto industry.” But others say the auto lending guidance protected consumers from discrimination.
The CFPB released its guidance in 2013, targeting “potentially discriminatory markups” in auto lending.
When consumers make purchases at auto dealerships, the dealer often directs the consumer to a third-party lender for financing, the CFPB wrote.
C.-based nonprofit that advocates against housing discrimination, found that even when nonwhite consumers had higher credit scores and higher incomes, white consumers were often offered lower interest rates for auto loans.
White consumers were also often given a greater variety of financing options than nonwhite consumers.