Recent data points to more auto borrowers struggling to keep up with loans, but default rates remain below pre-pandemic levels.
The software company today released details on an initiative to electronically integrate major finance sources with F&I product providers in a bid to develop better F&I product cancellation processes and systems.
The Justice Department announced that HSBC Finance Corp. has agreed to pay $434,500 to settle charges that its vehicle repossession practices violated the Servicemembers Civil Relief Act (SCRA).
Two used-car dealerships and their owner reached a settlement this month with the Department of Justice and the state attorney general. The settlement resolves a lawsuit that alleged the dealerships charged African American buyers more for loans and repossessed vehicles without reasonable notice.
Data from the second quarter didn't support talk of a subprime auto bubble, with subprime financing showing signs of leveling off and delinquencies remaining at historic lows.
The Idaho Attorney General has reached an agreement with a dealership that will prohibit it from engaging in harassing debt collection or repossession acts or practices. The dealership also resolved several consumer complaints.
Downtown Auto Sales of the Palm Beaches repossessed a customer’s vehicle after he refused to pay an extra tire fee with his car payment. The dealer is now under investigation for violating state laws, including failure to abide by the contract.
In addition to record-low repossessions, 30-day delinquencies drop and 60-day delinquencies remain flat as the auto finance market stays strong.
An Alabama used-car dealer who failed to decrease an active-duty service member’s loan interest rate before repossessing his car pleaded guilty to violating the Servicemembers Relief Act.
In the first quarter of 2013, 30-day auto loan delinquencies rose 1.3 percent, 60-day delinquencies increased 12.4 percent and repossessions rose 16.9 percent when compared with the previous year.
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