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January 21, 2016 - Industry News

CFPB: BHPH Dealer to Pay $800,000 for Abusive Financing Practices

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Deceptive Practices, fine, pay-here

December 17, 2015 - Industry News

CFPB Fines CarHop $6.4 Million

The CFPB charged the buy-here, pay-here dealer and its affiliated finance company, Universal Acceptance Corp., with providing inaccurate information to credit reporting agencies for more than 84,000 consumer accounts between January 2009 and September 2013.

Tags: CarHop, CFPB, Deceptive Practices, fine, Universal Acceptance Corporation

September 8, 2015 - Industry News

Dealer Fined $690,000 for Consumer-Protection Law Violations

A used-car dealership will pay more than $690,000 after a New Jersey Superior Court Judge found that it violated state consumer protection laws and regulations a total of 640 times.

Tags: Attorney General, Buyers Guide, compliance, consumer protection, Craigslist, Federal Trade Commission, fine, New Jersey, used vehicles

April 30, 2015 - Industry News

Texas Dealers Could Face Fines Over CarGurus’ Business Practices

Dealers could face fines over CarGurus' advertising practices. At issue is the way the company lists used-car prices on its site, including projected savings below market value and price drops.

Last week, the Texas Department of Motor Vehicles Enforcement Division issued a cease-and-desist letter to CarGurus and the state’s dealer association, threatening dealers with fines up to $10,000 a day if the shopping site does not revise its advertising practices.

Tags: CarGurus, Deceptive Advertising, DMV, fine, Texas

August 21, 2014 - Industry News

CFPB Fines Subprime Finance Source $2.75 Million

First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.

Tags: CFPB, Consumer Financial Protection Bureau, Department of Justice, fine, Investigation, subprime

July 31, 2014 - Industry News

Kan. Dealer Ordered to Pay Customer $2,065

An investigation found that South Auto Sales required consumers financing their vehicle purchase to sign a preprinted repossession waiver that violated state law.

Tags: Attorney General, compliance, consumer protection, fine, Kansas

June 19, 2014 - Industry News

Dealerships to Pay $175K For Deceptive Ads

Four affiliated dealerships in western Massachusetts have agreed to pay $175,000 over six months to resolve allegations that they regularly published misleading advertising and failed to follow through on sales prices and promotions.

Tags: Attorney General, Deceptive Advertising, fine, Massachusetts

March 25, 2014 - Industry News

Toyota to Pay $1.2 Billion for Acceleration Issues

Toyota will pay a $1.2 billion financial penalty — the largest penalty ever imposed on an automotive company — for concealing and making deceptive statements about two safety issues affecting its vehicles in 2009, the U.S. Department of Justice announced last week.

Tags: Department of Justice, fine, Toyota, wire fraud

November 14, 2013 - Industry News

N.Y. Regulator Reaches $135K Settlement With Dealer

The dealership will pay more than $86,000 to customers who were charged a bogus administrative fee when purchasing a used vehicle, in addition to $50,000 in penalties to the state.

Tags: Attorney General, Deceptive Advertising, fine, fraud, New York, used vehicles

October 31, 2013 - Industry News

N.J. Dealer Agrees to Pay $66K Fine

As part of a settlement for misrepresenting the condition of the cars it sold, Lencore Leasing agreed to pay a $66,000 fine.

Tags: compliance, fine, New Jersey

December 18, 2012 - Industry News

Toyota to Pay Record $17.35M for Delayed Safety Reports

Toyota Motor Corp. will pay a record $17.35 million in civil penalties for not reporting floor mat pedal defects in a timely manner, the NHTSA announced today.

Tags: Civil Penalties, fine, floor mat pedals, NHTSA, Ray LaHood, Recall, safety defect, Toyota

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