General Motors Financial Company Inc. received an additional subpoena from the Department of Justice in September, according to a 10-Q filed Thursday with the Securities and Exchange Commission.
In the filing, GMF explained that the company had been served with “additional investigative subpoenas to produce documents from state attorneys general and other governmental offices relating to our subprime auto finance business and securitization of subprime auto loans.”
The first subpoena was issued by the DOJ in late July, in relation to a civil proceeding for potential violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
“Our understanding is that the request is focused on the subprime auto finance space in general,” GM Financial spokeswoman Chrissy Heinke told Auto Finance News in July after the first subpoena had been issued. “There are no allegations set forth in the subpoena and GMF is cooperating with the request.”
In Thursday’s filing with the SEC, the captive wrote that it is investigating matters internally and is cooperating with all requests.
“Such investigations could in the future result in the imposition of damages, fines or civil or criminal claims and/or penalties,” GMF wrote. “No assurance can be given that the ultimate outcome of the investigations or any resulting proceedings would not materially and adversely affect us or any of our subsidiaries and affiliates.”
