CPS Subpoenaed By DOJ
IRVINE, Calif. — In a regulatory filing posted last week, Consumer Portfolio Services revealed that the U.S. Department of Justice has subpoenaed the finance source, requesting documents related to its subprime auto finance practices and related securitization activities. CPS received the subpoena on Jan. 14, according to the Securities and Exchange Commission filing. “Other purchasers ... Read More »
IRVINE, Calif. — In a regulatory filing posted last week, Consumer Portfolio Services revealed that the U.S. Department of Justice has subpoenaed the finance source, requesting documents related to its subprime auto finance practices and related securitization activities.
CPS received the subpoena on Jan. 14, according to the Securities and Exchange Commission filing. “Other purchasers of subprime automotive receivables have disclosed receiving similar requests at various times since July 2014,” the document read, in part.
Those other purchasers include Santander Consumer USA, Ally Financial, GM Financial and Credit Acceptance. In recent months, the DOJ has also threatened Toyota Motor Credit Corp. and American Honda Finance Corporation with enforcement actions related to the finance sources’ auto lending practices, which have allegedly resulted in discriminatory pricing.
More Industry
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →
State Follows Federal Warning on Auto Ads
The Massachusetts attorney general cautioned the state’s automotive dealers to be upfront with the consuming public about their vehicle prices or risk punishment.
Read More →
Consumer Outlook on the Rise
Younger generations are feeling more positive about their financial futures and current affordability pressures than older generations, according to recent TransUnion data.
Read More →