Post Tagged with: "DriveTime Automotive Group"

Lenders See Regulatory Stability, CFPB Complaints Show

Lenders See Regulatory Stability, CFPB Complaints Show

May 10, 2017 at 12:51 pm 1 comment

After years of retooling, investing, and stressing over the regulatory environment following passage of the Dodd Frank Act in 2010, an analysis of the Consumer Financial Protection Bureau’s complaint database is showing signs of stabilization. Yes, the overall number of complaints submitted to the bureau has risen — 7,185 last year,Read More

Pelican Restricts Repo Policy Amid Industry Concerns

Pelican Restricts Repo Policy Amid Industry Concerns

April 10, 2017 at 12:44 pm 1 comment

Pelican Auto Finance LLC has changed two collection and repossession policies in the wake of increased attention from the Federal Trade Commission and Consumer Financial Protection Bureau, Joel Kennedy, the lender’s chief performance and compliance officer, told Auto Finance News. The use of GPS-enabled kill switches that can disable aRead More

DOJ Inspects BMW Financial Services’ Military Compliance

DOJ Inspects BMW Financial Services’ Military Compliance

March 14, 2017 at 12:23 pm 0 comments

BMW Financial Services received a request for information from the U.S. Justice Department regarding the company’s leasing compliance, under the Servicemembers Civil Relief Act (SCRA), according to documents obtained by Bloomberg. The Justice Department sought the information in August and BMW doesn’t know how many leases could be affected byRead More

Kill Switches Expose Lenders to Regulatory Enforcement, Analyst Says

Kill Switches Expose Lenders to Regulatory Enforcement, Analyst Says

March 10, 2017 at 11:35 am 0 comments

Lenders are likely running away from the use of kill switches right now because “you expose yourself to regulatory enforcement,” John Hecht, managing director of equity research and specialty finance at Jefferies LLC, told Auto Finance News. Westlake Financial Services, Credit Acceptance Corp. and DriveTime Automotive Group Inc. have allRead More

FTC Taps Westlake For Info on Auto Kill Switches

FTC Taps Westlake For Info on Auto Kill Switches

March 7, 2017 at 10:53 am 0 comments

The Federal Trade Commission issued a civil investigative demand to Westlake Financial Services in November, seeking information about the use of kill switches used to remotely track and shut down the vehicles of delinquent borrowers, according to private bond-offering documents obtained by Bloomberg. Westlake is the third lender the agencyRead More

CACC and DriveTime Tapped in FTC Kill Switch Inquiry

CACC and DriveTime Tapped in FTC Kill Switch Inquiry

February 20, 2017 at 12:03 pm 3 comments

The Federal Trade Commission sought information regarding the use of kill switches from Credit Acceptance Corp. and DriveTime Automotive Group Inc., both companies reported in separate securities filings late last week. Kill switches and GPS technology are used by some lenders to more accurately identify and track down the vehiclesRead More

The Cost of Compliance [SPONSORED]

The Cost of Compliance [SPONSORED]

February 9, 2017 at 10:25 am 0 comments

Since July 2010, the Consumer Financial Protection Bureau has made significant waves in the auto finance space. In 2013, they issued their bulletin titled “Indirect Auto Lending and Compliance with the Equal Opportunity Act” stating that they would regulate lenders on unanticipated discriminatory practices. With very little guidance on howRead More

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