Repossession: Why it happens, what you can do, and your rights before, during and after repossession

The following information guides you through dealing with a car lost through repossession. It is critical that you understand if your vehicle is repossessed, the car will be sold at a dealer price at auction. You will be responsible for the difference you owed on the car plus repossession expenses minus the meager sales price. … Read more

Auto Loan Credit Repair Violations Lead to CFPB Settlement With Lender

Yesterday the Consumer Financial Protection Bureau (Bureau) issued a consent order against Santander Consumer USA Inc. (Santander) to address the Bureau’s finding that it violated the Fair Credit Reporting Act (FCRA). The consent order was issued in connection with Santander providing erroneous consumer loan data to consumer reporting agencies (CRAs). Santander, a subsidiary of Banco … Read more

Auto Lender Forced Insurance – Fraud

the Consumer Financial Protection Bureau (Bureau) settled with Lobel Financial Corporation, an auto-loan servicer based in Anaheim, California. The Bureau found that Lobel engaged in unfair practices with respect to its Loss Damage Waiver (LDW) product, in violation of the Consumer Financial Protection Act (CFPA). When a borrower has insufficient insurance, rather than force-placing collateral-protection … Read more

Your Driver License Data Can Lead Collectors to Your Door

An investigation by Motherboard has published details on how state Department of Motor Vehicle (DMV) offices are selling data that is of a benefit to private investigators, collectors, and skiptracers who are looking for people. I think many would assume the data you give to your state government DMV is secure but apparently it is … Read more

Is Medical Debt a Predictor of Auto Loan Debt?

The Urban League has put out a great interactive tool that shows debt in America. When you look at the maps showing the most amount of different types of debts, there is a strong correlation between those parts of the country where medical or auto loan debt is higher than average. The darker the color, … Read more

I Bought a Car From DriveTime and Extended Warranty But They Say I’m Not Covered

Question: Dear Steve, I purchased from Drivetime in July 2015 a 2008 Ford. When I purchased the vehicle I asked for a bumper to bumper warranty that covers everything because I’ve had vehicle problems before not covered. They assured me the warranty I purchase covers everything, including even a burned out tail light. My Bad, … Read more

NC AG Office Defends Consumers From Title Loan Scam and Gets Clear Titles to Their Cars

Attorney General Josh Stein recently announced the Department of Justice has resolved a lawsuit against predatory auto title lenders in North Carolina. Liquidation, LLC made illegal loans to more than 700 North Carolinians under many names and charged interest rates of 161 percent to 571 percent, which far exceed legal limits in North Carolina. Loan … Read more

Illegal Auto Title Loans Dissolved and Consumers Get Clear New Titles

If you had one of those online title loans that was illegal in your state because the lender was not authorized to make loans in your state, today you’d want to live in Massachusetts. The Massachusetts Attorney General took action against an illegal online title loan lender and dispatched them. The AG office said, “Pursuant … Read more