McGlinchey Stafford Signs On as Compliance Partner for Auto Finance Excellence

Auto Finance Excellence, a sister service of Auto Finance News, is proud to announce McGlinchey Stafford as the official Compliance partner. McGlinchey Stafford’s National Consumer Financial Services Group works with clients providing advice on federal and state compliance and litigation. The firm handles a range of vehicle finance legal needs, from documentation, licensing, and transactional advice to resolution […]

• Nicole Casperson
• February 19, 2019
• Auto Finance Excellence, Compliance

Senate Banking Committee Urges Oversight of Data Security

As auto lenders increasingly turn to technology to improve customer experience, the Senate Banking Committee is pushing for “close scrutiny” over the way financial institutions collect, use, and protect personally identifiable consumer information, the committee announced this week. Committee Chairman Sen. Mike Crapo (R-Idaho) and Ranking Member Sen. Sherrod Brown (D-Ohio) asked for feedback from […]

• Nicole Casperson
• February 15, 2019
• Compliance, Risk

Credit Acceptance 2018 Profits Accelerate Despite State AG Investigations

Net income at Credit Acceptance Corp. shot up 20% year over year to $574 million in 2018 despite ongoing investigations by two state attorneys general. The lender filed a disclosure with the SEC last week meant to "provide an update on two state matters" that are related to investigations by Massachusetts and Mississippi state attorneys […]

• Nicole Casperson
• February 4, 2019
• Compliance, Earnings, Risk

CFPB Asks Congress for Authority on Military Lending Act Compliance

Consumer Financial Protection Bureau Director Kathy Kraninger issued a legislative proposal to Congress on Thursday asking for authority to supervise compliance with the Military Lending Act.  The move by Kraninger is another step to reverse policies implemented by predecessor Mick Mulvaney, who had announced in August 2018 that the bureau would scrap supervisory examinations of […]

• Nicole Casperson
• January 18, 2019
• Compliance

Massachusetts AG Slaps Lender With $700,000 Fine for Deceptive Practices

Massachusetts Attorney General Maura Healey has ordered Sensible Auto Lending LLC to pay $733,925 to resolve allegations it knowingly facilitated the sale of defective vehicles by certain used-car dealerships. The Danbury, Conn.-based auto lender agreed to provide relief for consumers who were “cheated” by F&R Auto Sales Inc. and three other Massachusetts dealerships from August […]

• Bianca Chan
• January 15, 2019
• Compliance, Risk, Strategy, Update

Ford Motor Credit Demands $112M From Dealership Chain for Fraud Scheme

Ford Motor Credit Co. claims it is owed $112 million from Reagor Dykes Auto Group and owners Bart Reagor and Rick Dykes, for “hiding what may be one of the largest floorplan financing frauds in the history of the U.S. from Ford Credit,” the captive said in a motion filed Jan. 7. Ford Credit claimed […]

• Nicole Casperson
• January 14, 2019
• Compliance, Operations, Risk, Update

Capital One Auto Finance Sues Missouri Dealership for Fraud

Capital One Auto Finance filed a lawsuit against Cape Girardeau, Mo.-based Coad Toyota claiming $619,690 in damages for allegedly misrepresenting facts about vehicles sold and falsifying down payments and sales tax in 34 instances, according to court documents filed Dec. 21, 2018. In one example cited in the lawsuit, the dealership allegedly supplied information to […]

• Nicole Casperson
• January 8, 2019
• Compliance, Operations

2019 Survival Guide: How Lenders Are Planning for the Year Ahead

From the January issue: 2018 was a strong year for auto finance as delinquency rates dropped, the economy grew, and consumer demand remained high. However, the new year finds lenders and analysts bracing for an economic slowdown. But that’s not the only worry. New-car purchases are lagging, according to Manheim’s November data, which has new-vehicle sales […]

• Nicole Casperson
• January 4, 2019
• Archives, Compliance, Credit Performance, Features, Innovation & Mobility, Risk, Strategy, Technology