RouteOne and Santander Consumer USA, along with the finance source’s Chrysler Capital program, will make full eContracting capabilities available to all of Santander’s and Chrysler Capital’s dealers by 2016’s second quarter.
The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.
The Federal Reserve has objected to Santander Holdings USA’s capital plans due to widespread deficiencies in governance, internal controls, risk identification and management, as well as other key areas.
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.
On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.
The indictment of the five dealership employees follows federal charges levied against two other Serra Nissan sales managers earlier this year. They are facing federal charges related to a scheme to fraudulently boost loan approvals and car sales.
The moves come just weeks after the CFPB proposed to oversee larger nonbank auto finance sources for the first time at the federal level.
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.
Santander Consumer USA of Kentucky has filed a lawsuit against a dealer for failing to complete its part of a non-recourse dealer retail agreement.
According to a filing with SEC last week, Santander Consumer USA confirmed its intentions to raise up to $50 million in an initial public offering.
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