The New York Department of Financial Services has told Auto Finance News that it declines to comment on a report, published in the New York Post yesterday, which cites an individual familiar with an investigation into possible discriminatory auto lending practices as a source.
None of the captives or banks named in the NY Post report as having received subpoenas by the DFS have commented or released public statements on the matter as of press time.
The report also specifies that the probe is centered around subprime auto finance, but TD Auto Finance, the auto division of TD Bank, does not offer financing in the subprime space.
In an interview with Automotive News in October, TD Auto Finance’s president and chief executive in the U.S., Andrew Stuart, said that the bank does not offer subprime auto loans, and doesn’t have any immediate plans to do so.
“I will tell you quite honestly, subprime isn’t on my radar,” Stuart said in the interview. “I don’t think you can be all things to all people.”
While many of the financial institutions in the report do not comment on any ongoing legal investigations, neither have any companies filed 8-K forms with the Securities and Exchange Commission, required to alert investors of changes in operations.
AFN has reached out to several companies for comment on the report and will update as the story unfolds.
