CFPB Fines Subprime Finance Source $2.75 Million

WASHINGTON, D.C. — On Wednesday, the Consumer Financial Protection Bureau (CFPB) ordered First Investors Financial Services Group Inc. to pay a $2.75 million fine for providing inaccurate information to credit reporting agencies. The issue was related to computer system flaws, which the agency said impacted “tens of thousands” of the auto finance company’s customers. Texas-based ... Read More »

Santander Consumer USA Receives DOJ Subpoena

DALLAS, Texas — In an August 7 filing with the Securities and Exchange Commission, Santander Consumer USA revealed that the U.S. Department of Justice (DOJ) has issued a subpoena to the finance source, requesting documents related to subprime auto loans. Citing the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), the DOJ requested ... Read More »

GM’s Subprime Lending Draws Justice Department Scrutiny

General Motors Co. must turn over documents related to its subprime auto-lending under a subpoena issued by the U.S. Justice Department, the Detroit auto maker disclosed in a regulatory filing Monday, reported The Wall Street Journal. GM’s car-financing unit said it received the subpoena July 28 in connection with a federal investigation of subprime auto ... Read More »

Auto Loan Debt Reaches Three-Year Mark, Delinquencies Remain Low

Rising Vehicle Supply Benefiting BHPH Dealers

FinCo Management’s BHPH Solutions Endorsed by the Illinois Independent Automobile Dealers Association

Notable Growth for Subprime Originations, Equifax Reports

Interest Rates at Lowest Levels Since 2008, Experian Reports

Auto Finance Companies Originating More Loans Than Banks, Credit Unions, Equifax Reports

GM Financial to Offer Dealer Financing by April 2012