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

I Feel Like I’ve Paid Enough on This Auto Title Loan

Question: Dear Steve, March 2019, I took out a car title loan for $5,800. I paid $1,000 towards the principle and approximately $4,395 in interest (5% interest, $293 per month interest. I am a Lyft driver and the interest payment is so high for me that I have only made interest payments. I am at … Read more

My Semi Was Repossessed and They Took My Trailer as Well

Question: Dear Steve, Semi was repossessed. It had a trailer that was not included in the repossession attached to it. The trailer was taken as well. It was listed as an impound and the owner was charged storage fees to get the trailer back. Is this legal in South Carolina. Brandy Answer: Dear Brandy, Generally, … Read more

The Credit Union Won’t Come and Get My Car. What Should I Do?

Question: Dear Steve, August 2006 my step-father bought outright with cash a car for my mother. He passed away September 2006. In March 2009 my mother took the title to the credit union for a $10,000 loan. 2 different times the car was repo’d. Both times her granddaughter paid $2,500 to get the loan caught … Read more

Do I Really Have to Pay My Girlfriends Car Loan After She Dumped Me?

Question: Dear Steve, Repossession financed a car for an ex-girlfriend in my name only she left me 2 years ago she stopped paying the payment on loan car repoed in 2018 June car was always in her possession am I liable for balance after the car was auctioned off. Then she went got her car … Read more

Car Repossession by American Credit Acceptance Agents Leads to This Lawsuit

Below is an interesting case that crossed my desk. It appears, from reading the complaint, that the consumer was behind on their payments. While the lender could enforce their legal rights under the law and contract, it appears sub-agents of the lender may have just taken this repossession a few steps too far when they … Read more

Auto Finance Companies Setting People Up for Failure With Auto Loans

The Federal Reserve Bank of New York has released data that creates opportunity for lenders but seems to tee up consumers with problem credit for failure. Auto loans have been moving briskly with subprime loans of people with credit scores less than 620 being granted more often. Lenders are willing to take on the risk … Read more

The Debt Collector Tricked My Son Into Agreeing to a Repossession Repayment He Can’t Afford – Cynde

Question: Dear Steve, Over 9 years ago my son let his car be repossessed when he went to teach overseas he has returned is teaching and has a new family with a newborn. He was contacted by collector they threatened to take his home and said the IRS will place lean on him and wage … Read more