NMAC to pay $5M in CFPB settlement | Auto Finance News NMAC to pay $5M in CFPB settlement | Auto Finance News
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NMAC to pay $5M in CFPB settlement

The captive is the second auto lender in less than a month to settle with the Consumer Financial Protection Bureau for UDAP violations.

Joey Pizzolato by Joey Pizzolato
October 13, 2020
in Compliance & Regulation
Reading Time: 1min read

Nissan Motor Acceptance Corp. has reached a $5 million settlement with the Consumer Financial Protection Bureau for collection and repossession practices dating back to 2012 that violated the Consumer Financial Protection Act’s (CFPA) prohibition against unfair and deceptive acts and practices. Specifically, the captive “wrongfully repossessed vehicles; kept personal property in consumers’ repossessed vehicles until […]

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Tags: Bureau of Consumer Financial ProtectioncollectionsNissan Motor Acceptance Corp.Premiumrepossessions
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