A recent survey by the Consumer Federation of America has revealed the 10 most common complaints among consumers across various industries. Those who plan on looking into auto loan refinancing or financing should watch out – as two relevant industries topped the list.
The group found that the automotive industry was the most complained about. Examples of unhappy customers included incidents with lemons, faulty repairs and towing disputes. Not far behind was the credit/debt industry. Things like fraud, billing disputes, debt relief practices and predatory lending were among the top complaints here.
Yet while these industries may have consumer complaints, that does not mean the system is broken. Working with a reputable dealer allows drivers to finance a car loan while also working to rebuild their credit. As a driver makes payments on a vehicle, they'll see their credit score slowly rise as they begin to introduce positive data into the equation. Once a driver has significantly raised their credit score, they can work on auto loan refinancing, which will save them money.
Other industries that ranked poorly in the survey include home improvement, retail sales, utilities, landlords and more.