BUSINESS
04/10/2009 05:12 am ET | Updated May 25, 2011

Used Car Market's Deceptive Lending Practices

WASHINGTON -- Many car buyers are having the same kind of trouble obtaining and paying off loans that plagued America's housing market, new data show.

Some 3.25 percent of all indirect auto loans were at least 30 days overdue in the third quarter, the American Bankers Association reports. That's the worst showing since the group began compiling such numbers in 1980. Indirect loans are those arranged by a third party, typically an auto dealer, and they account for 90 percent of all car loans.

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