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CFPB Takes Aim at BS Car Repos

The Consumer Financial Protection Bureau (CFPB) is moving to thwart illegal repossessions in the heated auto market. A compliance bulletin issued today reveals conduct observed during CFPB examinations and enforcement actions, including the illegal seizure of cars, sloppy record-keeping, unreliable balance statements, and ransom for personal property. “With today’s high car prices, auto lenders and … Read more

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