Financing for a new or used vehicle is growing more expensive than ever, costing $1,000 or more for 15.7% Americans, according to Edmunds, a provider of automobile comparison costs.
The Consumer Financial Protection Bureau, under the leadership of Director Rohit Chopra, has released a new annual report on consumer complaint responses by the nationwide credit reporting agencies (CRAs).
NEWARK – Attorney General Matthew J. Platkin announced today that the State has reached a $27.375 million settlement with Yellowstone Capital LLC, its parent company Fundry LLC, and six other associated companies to resolve allegations that the companies targeted small businesses with unconscionable, misleading, and abusive lending, servicing, and collection tactics that caused financial harm through their merchant cash advance (“MCA”) business.
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) and the New York State Office of the Attorney General sued a predatory auto lender, Credit Acceptance Corporation, for misrepresenting the cost of credit and tricking its customers into high-cost loans on used cars. The car-buying experience turns into a nightmare for many of Credit Acceptance’s borrowers, who face unaffordable monthly payments, vehicle repossessions, and debt collection lawsuits.
NEW YORK – New York Attorney General Letitia James and the Consumer Financial Protection Bureau (CFPB) today sued Credit Acceptance Corporation (CAC), one of the nation’s largest subprime auto lenders, for deceiving thousands of low-income New Yorkers into high-interest car loans.
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