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Auto Loan Abuses in U.S. Military Barely Appear in Report

A report of complaints released recently by the Office of Servicemember Affairs, which represents the military personnel in the Consumer Financial Protection Bureau (CFPB), seemed to have soft-pedaled the auto loan abuses against U.S. military service members.

Federal authorities have been accusing car dealers of using unjust auto lending practices against active service members and veterans for the past few years. Three years ago, a spokesman from the Defense Department pointed out that auto loan abuses had impacted service members’ combat preparedness.

servicemembers

However, the CFPB report showed insignificant figures that represent auto loan complaints they received from military families in 2012.

Vehicle or consumer loan complaints only accounted for 2 percent of the total number of complaints in the first quarter, and then 6 percent for the succeeding quarters.

Mortgage complaints predominated, making up half of the complaints in the last quarter of 2012.

Complaints about bank account or service, credit card, credit reporting, and student loan followed accordingly. Vehicle or consumer loans have the least number of complaints.

The CFPB started receiving complaints about other consumer loans in March 2012.




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