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Fradulent auto loans. Source: Shutterstock.

U.S. households’ credit experiences and expectations remained fairly stable in 2019 compared to 2018, but the rejection rate for auto loans nearly doubled from 4.5% in October 2018 to 8.1% in October 2019, according to the Survey of Consumer Expectations Credit Access Survey released Dec. 16 by the Federal Reserve Bank of New York.

The overall reported rejection rate for auto loans increased from 6.1% on average in 2018 to 7.1% in 2019, the survey reported, which provides information on consumers’ experiences with, and expectations about, credit demand and credit access,

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Peter Strozniak

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