The U.S. Department of Justice announced Nissan Motor Acceptance will pay $3 million to settle charges that it unlawfully repossessed 113 vehicles belonging to active military members.
The U.S. Department of Justice has opened a criminal investigation into Ford Motor Co.’s emissions testing and certification processes, the factory revealed in an SEC filing today.
WASHINGTON, D.C. — Wells Fargo Dealer Services has agreed to pay more than $4.1 million to settle charges that it violated the Servicemembers Civil Relief Act (SCRA) when it repossessed 413 vehicles owned by protected servicemembers without obtaining a court order, the U.S. Department of Justice (DOJ) announced on Friday. The settlement will cover repossessions ... Read More »
WASHINGTON — A used car dealer and a state employee were charged in a 25-count indictment with securities fraud, making false odometer statements, and conspiracy to commit these offenses, according to a release by the Department of Justice. Rojen Burnett, the owner and operator of Lifestyle Auto Broker LLC, and Amber McLaughlin, a customer service ... Read More »
ATLANTA — Cox Automotive Inc. has voluntarily withdrawn its filing under the Hart-Scott-Rodino Antitrust Improvements Act in order to give the U.S. Department of Justice additional time to review its proposed acquisition of Dealertrack Technologies, reports F&I and Showroom. The act requires that parties to certain mergers or acquisitions notify the Federal Trade Commission and ... Read More »
CRYSTAL LAKE, Ill. – Contrary to news reports, the U.S. House of Representatives’ vote to eliminate the Department of Justice’s use of disparate impact does not negate the Consumer Financial Protection Bureau’s (CFPB) use of the legal theory in auto finance cases even if the bill passes the Senate and is not vetoed by the ... Read More »
By: Gregory Arroyo MCCLEAN, Va. ─ Add Capital One to the growing list of finance sources that have received subpoenas from state and federal regulators regarding subprime auto finance originations and securitizations. According to a Feb, 24 regulatory filing with the Securities and Exchange Commission, the finance source received subpoenas from the New York District ... Read More »
WASHINGTON, D.C. — Santander Consumer USA Inc. has agreed to pay at least $9.35 million to resolve a lawsuit filed by the U.S. Department of Justice (DOJ), which charged the auto finance source of violating the Servicemembers Civil Relief Act (SCRA). The complaint and the settlement, which is subject to court approval, were filed on ... Read More »
SOUTHFIELD, Mich. — In a Dec. 9 regulatory filing, Credit Acceptance Corporation revealed that it has received a civil investigative subpoena from the U.S. Department of Justice (DOJ). The subpoena requires the finance source produce certain documents related to auto lending practices in the subprime market. Earlier in the month, Credit Acceptance received a civil ... Read More »
Recent reports that the Department of Justice (DOJ) is looking into the subprime auto finance market have spurred a discussion about whether such loans will go the way of subprime mortgages. According to a New York Times op-ed piece published Friday, predatory auto loans have been a growing problem — but industry associations have stepped ... Read More »
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