вЂњOur research provides evidence that is clear of problems car name loans pose for customers,вЂќ Cordray stated in a declaration. вЂњInstead of repaying their loan with an individual payment if it is due, many borrowers wind up mired with debt for some of the entire year. The security damage may be specially serious for borrowers that have their car seized, costing them prepared usage of their work or even the doctorвЂ™s workplace.вЂќ
The newly released report examines almost 3.5 million single repayment automobile title loan documents from nonbank loan providers from 2010 through 2013. It follows past CFPB studies of pay day loans and deposit advance services and products, which agency officials stated are being among the most analyses that are comprehensive made from these items.