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 […]

Subprime Auto Loan Losses Reach Highest Level since the Financial Crisis

Published on March 13, 2017 By Cucolle1

Subprime net loss rate in auto bonds rose to 9.1% in January U.S. subprime auto lenders are losing money on car loans at the highest rate since the aftermath of the 2008 financial crisis as more borrowers fall behind on payments, according to S&P Global Ratings. Losses for the loans, annualized, were 9.1 percent in […]

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!

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!

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!

Subprime Lender Spends Years and Thousands to Fight $2,300 Judgment

Published on February 14, 2013 By Cucolle1

Milwaukee County, WI – February 12, 2013 – How much would time and money would you be willing to spend to fight a $2,300 judgment? Credit Acceptance Corp of Wisconsin apparently felt it was worth many thousands more to do so.  Read More!

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