Auto Financing in the Headlights of CFPB Report

Cozen O'Connor
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  • The CFPB issued a Supervisory Highlight detailing findings related to potentially illegal practices by auto-finance companies.
  • The Supervisory Highlight’s key observations include that certain auto-finance companies allegedly repossessed consumers’ cars despite timely payments or loan extensions; provided inaccurate disclosures; misapplied loan payments; put incorrect information on credit reports; misled borrowers about the possibility of qualifying for low interests rates; and improperly charged for add-on products.
  • The Supervisory Highlight also discusses recent CFPB advisory opinions and proposed rules, and recent enforcement actions, in other areas of consumer finance.
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