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Dealers must be careful they don’t run afoul of the law when it comes to such deceptive practices, as there are many cases pointing to the potential bad ends of such deals.
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The bureau ordered the subprime auto finance source and its subsidiary to pay a $4.25 million civil penalty for illegal debt-collection tactics and $44.1 million in consumer redress.
Read More →CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a House committee passed two CFPB reform bills.
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Volkswagen AG plans to refit all 11 million vehicles involved in the emissions-rigging scandal. It also announced significant changes to its top leadership, while dealers await answers.
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The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.
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A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of Illinois customers who have signed similar contracts.
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Volkswagen's North American dealers have thrown their support behind Michael Horn, the chief executive who has reportedly been fired amid a deepening scandal over the manipulation of diesel engine technology.
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The state DMV confirmed today that it is ‘looking into the matter,’ almost month after the state dealer association called on the agency to investigate whether the program violates the state’s ban on ‘bird-dogging.’
Read More →The president of a Michigan dealership is facing 14 felony charges after he allegedly submitted falsified vehicle inspection forms to a government office.
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Volkswagen's Martin Winterkorn has resigned from his post in the wake of the company's developing emissions scandal.
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Internal CFPB documents obtained by American Banker show bureau officials repeatedly acknowledging that the method used for detecting discrimination by indirect auto lenders may overestimate disparities.
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