The Financial Consumer Agency of Canada (FCAC or the Agency) recently conducted research in the autolending space to better understand market conduct, the regulatory framework, and growing microeconomic risks. This report focuses on the auto loans offered by federally regulated lenders and the risks posed to consumers by extended-term loans. It offers a high-level summary of FCAC’s research findings, and how the Agency plans to respond to the risks identified.
Control, Sufficiency, and Social Support Lessons from Low-income Canadians about Financial Wellbeing