| Subprime Problems Trouble Car Loans |
| By Credit Federal |
Published
11/20/2007
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Auto Loan
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Subprime Credit Troubles Car Loans
Subprime mortgage problems may be causing other credit troubles, including auto financing.
An analysis of auto loan backed securities sold by Ford Motor Credit Co. and GMAC Financial Services revealed higher late payment rates in the previous two months versus recent years. Since unemployment remains low, the more likely cause of these delinquencies could be fallout from subprime mortgage problems.
Homeowner help is on the way.
To combat increasing mortgage foreclosures, the Hope Now alliance is aimed to help homeowners who may be having trouble making mortgage payments.
To help them avoid mortgage default, they can review options such as repayment plans, possible changes to the terms of a loan, as well as other alternatives.
The Hope Now alliance is a partnership between mortgage companies and nonprofit housing counselors, and is being backed by the Bush administration which believes it will overcome the reluctance of many homeowners to make contact with their mortgage companies. For details, call 888-995-HOPE.
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