SMART Payment Plan Resolves CFPB Investigation

SMART Payment Plan’s CEO, David Engelman, and Chief Compliance Officer, Jackson Bigham, are pleased to announce that SMART has completed a 4-year investigation with the CFPB.

The result of this investigation and settlement demonstrates our focus on compliance and the value of our service to consumers.

After a thorough and rigorous investigation, SMART Payment Plan agreed to a Consent Order with a "Relevant Period" from January 1, 2012 to March 15, 2015. Although SMART does not admit to any of the CFPB's alleged facts or findings, SMART found it more economical and time-efficient to settle the matter. Notably, all of SMART's current marketing materials, contracts and disclosures are compliant with the terms of the Consent Order.

“We are glad to close this matter and to continue serving our customers who love our lower and easier payments and the dealers who offer our valued service,” said Engelman.

“The result of this investigation and settlement demonstrates our focus on compliance and the value of our service to consumers,” said Bigham. “We are excited to have crossed this significant regulatory hurdle so we can continue focusing on helping leading automotive dealers better serve their customers with our lower and more affordable payments that match their paydays,” said Bigham.

Originally posted on F&I and Showroom