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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Santander Decides Not to Use GPS

Dallas-based Santander Consumer USA Holdings Inc., one of the country’s biggest subprime auto lenders, has decided not to use GPS-tracking and ignition kill switch technology as regulators clamp down on the devices, an executive said.

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Sub-Prime Lender to Pay $5.5M to Settle FTC Harassment Charges

lawsuit_iconIrvine, CA – May 30, 2014 – Consumer Portfolio Services, Inc. (CPS), headquartered in Irvine, California, a subprime auto lender, agreed to pay more than $5.5 million to settle Federal Trade Commission charges that the company used illegal tactics to service and collect consumers’ loans, including collecting money consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family, and employers.

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FTC Brings First Case Alleging Text Messages Were Used In Illegal Debt Collection Scheme

ftc_logoDefendants Will Pay $1 Million to Settle Charges

A Glendale, California-based debt collector will pay $1 million dollars to settle Federal Trade Commission charges that the defendants violated federal law.  This is the first FTC action against a debt collector who used text messaging to attempt to collect debts in an unlawful manner.

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FTC, DOJ and CFPB File Amicus Brief in Support of Debtors Ability to file Lawsuits without Recourse of Costs

 

 

 

 

Washington DC – August 20, 2012 – In a showing of support to borrowers and attorneys who would wish to file lawsuits against creditors or collectors without having to bear the cost of defenses in the event of their cases being dismissed, the Federal Trade Commission, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) have filed an amicus brief (friend of the court) in an attempt to overturn a 10th Circuit Supreme Court Decision.

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