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

Will My Girlfriend Lose Her Car I Cosigned for When I File Bankruptcy? – Marc

“Dear Steve, I am divorced and have about $100k in unsecured debt due to job loss and other issues which arose in my marriage. I am just treading water with the bills (including alimony and child support) and am sinking fast. I believe I am going to have to file Chapter 7 BK as I … Read more

I Have a Judgment Against Me for a Car Loan. What Are They Statute of Limitations?

I have a judgement for a car loan against me in Virginia for $12,980 that was awarded to the finance company in August 2009. It is now March 2012. The judgement is on my credit report. I live in North Carolina and have been here since 2009. If I’m not mistaken I was also supposed … Read more

I Co-Signed for My Daughter’s Car That Was Repoed. But the Lender Won’t Accept a Settlement. – Carmen

“Dear Steve, I co-signed for my daughters car loan. She lost her employment at almost the same time I lost mine. The company called me a I returned the car back to them. After that I called to settle the account and they ignore all the letters, faxes and telephone calls. They want to settle … Read more

Dave is in a CCCS Credit Counseling Program But Feeling Hopeless

“Dear Steve, Family of 4 (13 yr & 12 yr girls). My salary = $112K, wive’s salary = $40K. Total Assets $292K (liquid $10K, autos $9, house $200, 401K $73K). Total Liabilities $204K (mortgage $112, home equity loan $41K, credit cards $24K, 401K loans $22K, auto loan $5K). Net worth = $88K. . .plummeted 35% … Read more

What Are Our Options to Avoid Car Repossession? – Allen

Allen “Dear Steve, This is a terrible auto financing dilemna. My fiance traded in her car for a new used car intending to obtain a disability insurance policy. She had had some recurring health issues and wanted to make sure nothing chronic became disabling, which would heavily impact her finances. Considerate action … but (2) … Read more

Indiana, Michigan, and Kentucky – Worst Places for Auto Loans in 2010

TransUnion released its annual auto loan forecast today indicating national auto loan delinquencies (the ratio of borrowers 60 or more days past due) will increase approximately 7 percent at the end of 2010 to 0.92 percent from an expected 0.86 percent at the conclusion of 2009. Only one state – California – is expected to … Read more

We Have Crappy Credit But Need to Stop The Car Getting Repoed. – Anna

“Dear Steve, My husband and his father are cosigners on a car loan together which is in mine and my husband’s possession and we are the ones paying for it. Due to my father in laws illness he has filed for Chapter 7 bankruptcy, the lawyer has stated on the forms to remove my father-in-law’s … Read more