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June 9, 2015 - Industry News

N.Y. AG Goes After Dealer for Payment Packing

After three months with no response, Attorney General Eric T. Schneiderman has filed a motion to force a New York dealer group to comply with a subpoena issued by the AG’s office in March. The dealer group is accused of “jamming” credit repair contracts into vehicle sales and leases.

Tags: attorney general, F&I products, New York, payment packing, subpoena

March 10, 2015 - Industry News

Wells Fargo: Subprime Cap Part of ‘Ongoing Risk Management’

The bank’s dealer services division responds to the reported cap the finance source has placed on subprime auto originations.

Tags: auto finance, Auto Loans, Dawn Harp, subpoena, subprime, Wells Fargo

March 5, 2015 - Industry News

DOJ, N.Y. Regulator Subpoena Capital One

The finance source revealed in a regulatory filing last month that it has received a subpoena from the New York District Attorney’s Office and the Department of Justice regarding its subprime auto finance business.

Tags: Auto Lending, Capital One, Capital One Auto Finance, Department of Justice, subpoena, subprime

December 30, 2014 - Industry News

Mass. AG Investigating Santander’s Subprime Lending Business

Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.

Tags: attorney general, Auto Lending, compliance, discrimination, Santander Consumer USA, subpoena, subprime

December 16, 2014 - Industry News

Credit Acceptance Subpoenaed by DOJ

Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, subpoena

August 7, 2014 - Industry News

Santander Consumer USA Receives DOJ Subpoena

In a regulatory filing Thursday, Santander Consumer USA disclosed that it has received a civil subpoena from the U.S. Department of Justice requesting documents related to subprime auto lending. Earlier in the week, GM Financial filed a similar report.

Tags: Department of Justice, Santander Consumer USA, subpoena, subprime

August 5, 2014 - Industry News

GM Financial Subject of DOJ Investigation

In a Securities and Exchange Commission filing this week, GM Financial revealed that it was served with a subpoena by the U.S. Department of Justice. It is requesting documents related to the origination and securitization of subprime auto loan contracts dating back to 2007.

Tags: Auto Lending, Department of Justice, Investigation, subpoena, subprime

May 7, 2013 - Industry News

CFPB Takes Aim at F&I Products

The Consumer Financial Protection Bureau is reportedly looking into the sale of F&I add-ons, a move that comes less than two months after the bureau said it would hold indirect auto lenders responsible for lending practices it considers discriminatory.

Tags: Brittany-Marie Swanson, CFPB, Disclosures, F&I, Lending, Products, subpoena, WSJ

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