Credit Acceptance Issued Subpoena over Collections Practices, Again

Credit Acceptance has confirmed with the Securities and Exchange Commission (SEC) that it had received a subpoena from the Mississippi attorney general on August 14, 2017. Credit Acceptance claims that the subpoena is only related to the origination and collection of non-prime vehicle installment contracts in the state of Mississippi.

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Auto Loan Fraud Soars

Up to 1% of car loan applications include deception, firm says

Borrower fraud in U.S. auto loans is surging, and may approach levels seen in mortgages during last decade’s housing bubble, according to a startup firm that helps lenders sniff out bogus borrowers. As many as 1 percent of U.S. car loan applications include some type of material misrepresentation, executives at data analytics firm Point Predictive estimated based on reports from banks, finance companies and others. Lenders’ losses from deception may double this year to $6 billion from 2015, the firm forecast.

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John Oliver Blasts Sub-Prime Auto Lending and Repossessions

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August 16, 2016 – Earlier this month, English HBO comedian and commentator took aim at the subprime auto industry with some accurate, but perhaps unobjective insights into the financing practices of some “Buy Here Pay Here” used car dealers.

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