Republican member of the House Financial Services Committee have once again release internal CFPB documents. This time, the documents show that some settlement checks being dispersed as part of the bureau’s $98 million settlement with Ally Financial and Ally Bank have been going to white borrowers.
Too many dealers, F&I managers, agents and even providers think of GAP as a one-size-fits-all product. Product expert explains why that’s not the case.
The loan-servicing arm of Texas-based auto dealer Tricolor Auto Group will pay $82,777 in civil penalties as part of a settlement to address the FTC’s claims that it violated the Fair Credit Reporting Act’s Furnisher Rule.
Credit Connection Auto Sales in central Pennsylvania has settled with the state’s attorney general for allegedly leasing vehicles that needed a considerable amount of repair work and using lease agreements that did not comply with federal law.
The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.
The New Jersey Division of Consumer Affairs and AutoSource Group, a used-car dealership, have settled a lawsuit filed by the regulator earlier this year. The dealership was accused of failing to disclose the condition of its cars, among other things.
New York Attorney General Eric T. Schneiderman announced two separate actions this week against a 22-store dealer group and a Hyundai dealership, both related to deceptive advertising practices.
Two auto dealers in Las Vegas agreed to settle FTC charges that they used deceptive ads to promote the sale or leasing of their vehicles, including advertising heavily discounted prices that were not generally available to consumers.
A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.
The New Jersey Division of Consumer Affairs has reached a $135,000 settlement with Bergen Auto Enterprises, which does business as Wayne Mazda and Wayne Auto Mall Hyundai. The dealerships were accused of engaging in deceptive business and advertising practices.
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