Retail Installment Sales Contracts

News & Analysis as of

CA Supreme Court Upholds Class Action Waivers in Long-awaited Sanchez Decision

On August 3, 2015, the California Supreme Court issued its long-awaited decision in Sanchez. v. Valencia Holding Company, LLC (2015) — Cal.4th — (Sanchez). The court provided much-needed clarity for consumers and auto finance...more

Maryland High Court: Mandatory Arbitration Hinges on “Entire Agreement,” Not “Single-Document Rule”

A mandatory arbitration provision is enforceable even when not contained within the four corners of a retail installment sales contract between a consumer and an automobile dealer, Maryland's highest court has ruled....more

Report from SBREFA Panel on Payday, Title and Installment Loans

Wednesday, I had the opportunity to participate as an advisor to a small entity representative (“SER”) at the small business review panel on payday, title and installment loans. The meeting was held in the Treasury Building’s...more

North Dakota Grants Attorney General Power to Enforce Retail Installment Provisions

On March 12, the Legislative Assembly of North Dakota approved legislation H.B. 1346 amending the North Dakota Retail Installment Sales Act to grant enforcement authority to a state attorney or to the North Dakota Attorney...more

Fourth Circuit Affirms Order Dismissing Case To Permit Arbitration Against Non-Signatory To Arbitration Agreement

An arbitration agreement was contained in a retail installment contract. The Fourth Circuit affirmed the lower court’s dismissal of the case pending arbitration against a non-signatory to the arbitration agreement on two...more

Auto Notes - December 2014

In This Issue: - Retail Vehicle Installment Sale Contracts Now Regulated under PA Consumer Credit Code’s Motor Vehicle Sales Finance Provisions - Arbitration Clauses Referencing American Arbitration...more

AFSA vehicle sales finance study finds significant flaws in CFPB disparate impact methodology and approach

A study of indirect auto financing commissioned by the American Financial Services Association found that the CFPB’s proxy methodology for measuring disparities in auto dealer reserve is “conceptually flawed in its...more

New York AG Action Targets Out-Of-State Retail Installment Obligation Finance Companies

On April 30, New York Attorney General (AG) Eric Schneiderman announced that four out-of-state companies alleged to have financed retail installment obligations (RIOs) at rates in excess of the state’s usury cap agreed to...more

Pa. Amendments to Installment Sales Statutes Require Attention

Changes to two Pennsylvania statutes governing installment sales will take effect on November 27, 2014, as a result of House Bill 1128, signed into law by Governor Corbett as Act No. 2013-98 (Act 98). Act 98 repeals the...more

Pennsylvania Updates Auto Finance Statutes

On November 27, Pennsylvania enacted HB 1128, which updates and consolidates the state’s Motor Vehicle Sales Finance Act (MVSFA) and Goods and Services Installment Sales Act (GSISA), and includes numerous changes relevant to...more

California Appeals Court Enforces Retail Installment Sales Contract Arbitration Agreement.

On March 27, the California Court of Appeal, First Appellate District, enforced an arbitration agreement in a retail installment sales contract. Vasquez v. Greene Motors, Inc., No. A134829, 2013 WL 1232343 (Cal. Ct. App. Mar....more

The CFPB Stretches ECOA Past the Breaking Point with Auto Finance

In a story released last night, Carter Dougherty at Bloomberg reports that the CFPB has warned “at least four banks” that it may take enforcement action against them under ECOA, alleging that a “policy” of “allowing” dealers...more

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