Apparently, Americans don’t know much about their auto loans.
A new study released today by Capital One Financial Corp. found that 61%, yes 61%, of auto loan holders “do not know the interest rate they are paying on their loan.” Also, 62% of the approximately 800 consumers surveyed “said they did not know refinancing their auto loan may save them money.”
These are startling numbers. I know auto loans take a backseat to mortgages and credit cards in the eye of many consumers, but still, I thought consumers would be more aware of their finances. These numbers suggest that auto lenders need to improve their communication with consumers, not just before the close, but during the servicing process.
