Search Results: test Auto Finance

Massachusetts AG Announces Auto Loan Company will Pay $5.4 Million to Settle Allegations it Charged Usurious Interest Rates

​On November 5, 2015 the Massachusetts Attorney General’s Office announced that a national auto loan company agreed to pay $5.4 million in restitution to Massachusetts consumers to settle allegations it charged excessive interest rates on automobile loans. According to the Massachusetts AG, the company purchased loans from primary creditors that contained…

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CFPB and Auto Lender Settle Servicemember Debt Collection Claim for $3.28 Million

​On October 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it entered an administrative consent order against an Ohio-based auto lender that specializes in loans to military servicemembers.  The CFPB consent order, and the companion stipulated order issued by the U.S. District Court for the Southern District of Ohio, resolve…

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CFPB Enters $48 Million Consent Order with Indirect Auto Lender

On October 1, 2015, the CFPB announced an enforcement action and consent order with an indirect auto lender for illegal debt collection and other practices.  It is alleged that the company’s actions violated the Fair Debt Collection Practices Act, the Truth in Lending Act, and the Dodd-Frank Act. The illegal…

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Vermont AG Announces Settlement With Automobile Title Loan Company Over Alleged Illegal Interest Rates

​On September 23, 2015, the Vermont Attorney General’s Office announced a settlement with a regional automobile title loan company over allegations the company charged illegal interest rates and fees to borrowers. The company operated websites that offered automobile title loans to Vermont consumers. Consumers who were approved for the loans assigned…

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Oregon Attorney General Announces Lawsuit Against Car Title Loan Company Over Illegal Loans

On August 18, 2015, the Oregon Attorney General’s Office and the Oregon Department of Consumer and Business Services announced​ that they filed a lawsuit against a regional automobile loan company. The company advertised car title loans online. When consumers completed the online applications, the company allegedly deceived them into signing…

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CFPB Asks DOJ to Investigate Automotive Lending Company for ECOA Violations

​On August 10, 2015, the American subsidiary of an automotive lending company disclosed in an SEC filing that the Consumer Financial Protection Bureau (CFPB) had notified the company on July 31, 2015 that it had asked the DOJ to investigate the company’s potential violations of the Equal Credit Opportunity Act.  According ​to the filing, the CFPB’s referral…

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Auto Finance Company Settles Action Brought by CFPB and DOJ

On July 15, the Consumer Financial Protection Bureau (“CFPB”) and the Department of Justice (“DOJ”) announced that claims concerning an indirect auto finance company’s alleged discriminatory lending practices were settled as part of a consent order requiring $24 million in restitution payments to borrowers and changes to the lender’s dealer compensation system.  The consent order alleges…

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