Tag Archive

Auto Loan Fraud Soars

Published on May 11, 2017 By Cucolle1

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 […]

Santander Decides Not to Use GPS

Published on February 27, 2017 By Cucolle1

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.   Read More!

Supreme Court to Review Santander FDCPA Lawsuit

Published on January 17, 2017 By Cucolle1

Washington, DC – 13 January 2017 – The U.S. Supreme Court on Friday agreed to decide whether firms collecting on debt they bought for pennies on the dollar can be held liable in lawsuits brought by debtors they targeted under a federal law cracking down on debt collectors’ abusive practices. The justices agreed to review […]

An Open Letter to Santander Consumer USA, Chrysler Capital and MBSi Corp.:

Published on November 16, 2016 By Cucolle1

FOR IMMEDIATE RELEASE November 16, 2016 – Recovery/Repossession businesses across the country recently received a letter from MBSi Corp.—telling these small business owners that they are REQUIRED to purchase and download MBSi’s newest evolution software and operating system, Recovery Connect. Failing to do this, the letter said, would discontinue the ability of the repossession company […]

Auto Delinquencies Continue to Climb

Published on October 3, 2016 By Cucolle1

Detroit, MI, 30 September 2016 – The delinquency rate on subprime auto loans rose in August, and a credit rating agency that monitors the market said the trend likely will continue through the rest of 2016 as prices of used cars continue to fall. The delinquency rate has been trending upward throughout 2016 and now approaches peak […]

John Oliver Blasts Sub-Prime Auto Lending and Repossessions

Published on August 16, 2016 By Cucolle1

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.   Read More!

An SUV, a Loan and a Lawsuit

Published on May 9, 2015 By Cucolle1

New York woman went to a car dealership and walked out with more than she bargained for   Washington, DC – May 8, 2015 – Olga Arroyo said she went to an auto dealership in the Bronx last year planning to cosign a car loan for her 39-year-old son. But the 56-year-old Manhattan resident, who […]

Santander Agrees to pay $9.3M for Violating Servicemen’s Rights

Published on March 3, 2015 By Cucolle1

Washington, DC – February 25, 2015 — Auto lender Santander Consumer USA agreed to pay at least $9.35 million for improperly repossessing more than 1,100 vehicles from active duty military service members, the Justice Department said Wednesday.   Read More!

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