News & Analysis as of

Default Automotive Loans

Cozen O'Connor

CFPB and AG James Sue Auto Lender for Allegedly Targeting Consumers Likely to Default

Cozen O'Connor on

New York AG Letitia James and the CFPB sued Credit Acceptance Corporation (CAC) for allegedly violating New York usury limits and consumer and investor protection laws, as well as the Consumer Financial Protection Act, by...more

McGlinchey Stafford

Post-Repossession: Can A Borrower ‘Cure’ A Default And Get Their Car Back?

McGlinchey Stafford on

Coming out of the COVID-19 pandemic, the auto finance industry will face a number of issues when it comes to self-help repossession following a borrower’s default. A number of jurisdictions across the country have put...more

McGlinchey Stafford

COVID-19: Potential Impact on Commercial and Residential Real Estate

McGlinchey Stafford on

The impact of the coronavirus on commercial and residential real estate will be significant. Here are just a few of the changes that are coming and some thoughts on potential actions that might be taken to mitigate risk....more

Hudson Cook, LLP

Are you repossessing responsibly?

Hudson Cook, LLP on

Motor vehicle financing can be full of compliance minefields. Defaults and repossessions provide more than their fair share of potential mines. However, there are some steps you can take to try to avoid some key issues that...more

Hudson Cook, LLP

Lien Filing Error Renders Creditor's Claim Unsecured

Hudson Cook, LLP on

Many steps creditors take in the process of directly or indirectly originating a vehicle finance agreement are designed to protect the creditor in the event its credit risk assessment was off and the consumer defaults. A...more

Hudson Cook, LLP

It's 10 P.M. Do You Know What Your Repossession Agents Are Doing?

Hudson Cook, LLP on

Do you truly know what the repossession agents you’ve assigned to repossess one or more of your cars for you are doing? I’m hearing more and more about a very disturbing practice in the repossession services industry that,...more

Ballard Spahr LLP

NY enacts new disclosure requirements for use of auto “kill switches”

Ballard Spahr LLP on

New York has enacted legislation that requires creditors to provide new disclosures when using devices to remotely disable vehicles, commonly referred to as “kill switches.”  The new law took effect immediately upon its...more

Goodwin

CFPB Focusing on Risks in Car Loans

Goodwin on

The Consumer Financial Protection Bureau (CFPB) released its quarterly report on credit trends for the third quarter of 2017 last week, focusing on trends in the auto lending industry. Auto loans are a key sector in the...more

Foley & Lardner LLP

Sub-Prime Auto Loan Delinquencies Continue to Rise, but Experts Provide Divergent Views of Impact

Foley & Lardner LLP on

Nearly one year ago, we wrote about auto loan delinquencies’ potential impact on the automotive industry. Now, car sales are falling and auto loan delinquencies are making headlines again, with a growing number of subprime...more

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