MENU
SEARCHMENUSEARCH
NEW YORK — The New York State Department of Financial Services (NYDFS) submitted last week a final consent judgment to settle its lawsuit against Condor Capital Corporation, a subprime auto lender based in Long Island, and its sole shareholder, Stephen Baron. Among other violations, the defendants deceptively retained millions of dollars owed to vulnerable borrowers ... Read More »
Read More →SOUTHFIELD, Mich. — In a Dec. 9 regulatory filing, Credit Acceptance Corporation revealed that it has received a civil investigative subpoena from the U.S. Department of Justice (DOJ). The subpoena requires the finance source produce certain documents related to auto lending practices in the subprime market. Earlier in the month, Credit Acceptance received a civil ... Read More »
Read More →WASHINGTON – A new study by the research firm Charles River Associates (CRA) casts doubts on recent allegations made by the Consumer Financial Protection Bureau (CFPB) against Toyota Motor Credit Corp. and American Honda Finance Corp. concerning disparate impact in the pricing of auto loans, reported the NADA. Among the CRA study’s key findings was ... Read More »
Read More →Toyota Motor Credit Corp, the lending arm of Toyota Motors Corp, could face an enforcement action from U.S. authorities over its pricing of auto loans through dealerships and could be forced to reimburse borrowers or pay a fine, the company said late Friday, reported Reuters. On Nov. 25, the U.S. Department of Justice and the ... Read More »
Read More →WASHINGTON — Today, the Consumer Financial Protection Bureau (CFPB) took its first action against a buy-here, pay-here (BHPH) dealer. DriveTime Automotive Group was ordered to pay an $8 million civil penalty as well as end its unfair debt collection tactics, fix its credit reporting practices, and arrange for harmed consumers to obtain free credit reports. ... Read More »
Read More →WASHINGTON – A new comprehensive study of more than 8.2 million loan records by Charles River Associates concludes that the method used by the Consumer Financial Protection Bureau (CFPB) to measure for discrimination in an auto lender’s portfolio is “conceptually flawed in its application and subject to significant bias and estimation error,” reported the NADA. ... Read More »
Read More →WASHINGTON, D.C. – The American Financial Services Association offered its latest rebuttal this morning to contentions by the Consumer Financial Protection Bureau about problems with the indirect auto financing process, reported Auto Remarketing. A comprehensive study commissioned by AFSA of more than 8.2 million auto financing contracts found that the disparity alleged by the CFPB ... Read More »
Read More →WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB)’s proposed rule that would give it supervisory authority over larger participants in the nonbank auto finance segment was published in the Federal Register on Oct. 8, kicking off a 60-day public comment period that ends on Dec. 8. If adopted, the proposed rule would generally allow ... Read More »
Read More →Chrysler Capital notified dealers on Sept. 26 that it is reducing its cap on dealer participation from two points to 1.75 points. Four days later, the company behind Chrysler Capital, Santander, said it is also reducing the cap to 1.75 points. The change, which took effect on Oct. 1, comes more than two weeks after ... Read More »
Read More →WASHINGTON, D.C. — In a report released Sept. 22, the United States Government Accountability Office (GAO) found that while the Consumer Financial Protection Bureau (CFPB) has taken steps to secure the data it has collected — including records from automobile sales, consumer credit report information, credit cards, credit scores, mortgages and student loans — the ... Read More »
Read More →