CFPB Releases New KBYO Auto Loan Shopping Sheet

Last Thursday, June 9th, the Consumer Financial Protection Bureau (“CFPB”) unveiled a new Know Before You Owe (“KBYO”) online guide and shopping sheet to help consumers evaluate costs and shop for auto loans. According to the CFPB’s press release on the matter, “the shopping sheet helps consumers see the total cost of a loan and make apples-to-apples comparisons among loan products.” The KBYO auto initiative also helps guide consumers through the auto finance process so they are better able to decide how much they can afford to borrow and the best options for them.

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