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Created by attorneys specializing in dealership defense, the web-based RoadVantage CMS is a turnkey solution designed to help dealers ensure compliance with the CFPB’s standards.
Read More →A report released Monday by the regulator highlights how loopholes in the current Military Lending Act rules are racking up the costs of loans for servicemembers.
Read More →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.
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In a memo issued to the CFPB this week, the AFSA listed seven recommendations regarding the bureau’s proposed rule that would give it regulatory and supervisory authority over 30 nonbank auto finance companies.
Read More →Starting Jan. 1, active-duty troops will no longer be able to use military allotments to purchase or lease vehicles, among other things. The policy change was made in response to enforcement actions brought by the CFPB.
Read More →Honda revealed in a regulatory filing this week that its captive finance company is facing discrimination charges by the CFPB and DOJ. The revelation comes a week after Toyota’s captive said it is facing similar allegations.
Read More →Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.
Read More →DriveTime Automotive Group was ordered to pay an $8 million penalty for making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies.
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The CFPB was top of mind, but company representatives serving on Industry Summit’s annual executive panel delved into other hot-button issues impacting dealers and their F&I offices.
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A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the regulator will continue to monitor the market.
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