Nissan Dealerships Slapped With $40M Fine for Loan Defaults

Nissan Motor Acceptance Corp. has won its legal battle with a group of Manhattan-based franchise dealerships. The captive is entitled to $40.1 million after the dealerships and their guarantors defaulted on loan obligations, according to court documents. The litigation was sparked by the dealerships initially suing NMAC for a “breach of contract,” the filing notes. […]

Lender Halts Originations Amid Florida Attorney General Investigation

Marlin Financial, a Miami-based auto lender, stopped originating auto loans on Sept. 26, as the company undergoes changes to its business practices enforced by the state attorney general, a company spokeswoman told Auto Finance News. “All the recent policy changes [Marlin Financial] is doing, we are going through the attorney general, and that is the […]

Cox Automotive Boosts Ancillary Product Compliance for Lenders With Acquisition

Cox Automotive Inc. announced the acquisition of Texas-based Intersection Technologies Inc., better known in the industry as F&I Express, the companies announced on Monday afternoon. The acquisition is a move for F&I Express to access more of the resources that Cox can provide, including a large lender and dealer client base. Those clients can now leverage […]

Lawyer Cautions Against Overreaction to CFPB Supervisory Guidelines

Following the issuance of new supervisory guidelines, the Consumer Financial Protection Bureau released a statement highlighting that the guidelines do not have the same force as laws — but that doesn’t mean lenders should not heed the warning, lawyers told AFN. The statement emphasized that guidelines do not “have the force and effect of law, […]

HCA, NMAC Battle Dealership Fraud

Hyundai Capital America and Nissan Motor Acceptance Corp. accused a dealer group with operations across Pensylvania and Michigan of failing to repay floorplan loans and selling $10.5 million worth of vehicles out of trust, according to court documents. The dealerships include Hazleton Hyundai and Hazleton Kia in Hazle Township, Pa. Additionally, NMAC filed lawsuits against […]

Auto Equity Lender Under Florida Attorney General Investigation

Marlin Financial, a Florida-based lender that offers auto equity loans as a “great alternative to title loans,” is being investigated for consumer protection violations by the Florida Attorney General’s office. The investigation was sparked by a Tampa Bay Times story unearthing a pattern of consumers claiming they were charged interest rates that exceed the state […]

CFPB Suspends Military Supervision

Recent pronouncements from the Bureau of Consumer Financial Protection’s Acting Director Mick Mulvaney have consumer advocates up in arms over how lenders will be regulated for military compliance. Ironically, the military itself seems a little less concerned, at least with respect to the BCFP, though there are plenty of military consumer advocates wringing their hands […]

Regulators Reject Wells Fargo’s Plan to Pay Back Consumers Affected by Insurance Scandal

Wells Fargo & Co.’s proposal to remediate consumers impacted by its force-placed insurance scandal was rejected by regulators for not comprehensively coverings all affected borrowers, according to a report from Tuesday evening. The lender submitted their plan to pay back consumers in June per the requirements of a $1 billion consent order issued by the […]
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