‘Back-Loaded’ Auto Loans Threaten Small Lenders

PLANO, Texas — A form of fraud where dealer finance departments or banks “back-load” auto loans with disguised personal loans is gaining traction in the subprime auto space, Edward Kramer, senior advisor at Asurity Technologies, said at the Nonprime Auto Finance Conference last week. Smaller subprime lending operations might be ill-equipped to deal with this […]
  • Joey Pizzolato
  • June 11, 2019
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Arkansas Enacts Guaranteed Asset Protection Waiver Act

Last month, the Arkansas legislature passed House Bill 1672 to enact a statutory framework within which guaranteed asset protection (GAP) waivers may be offered in the state. Previously, GAP waivers were largely unregulated in Arkansas. As a result, creditors will need to familiarize themselves with the new law and ensure they take the necessary steps […]
  • Dustin Godenswager
  • June 10, 2019
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What Creditors Should Know About Co-Debtors in Chapter 13 Consumer Bankruptcies

Auto lenders must have a basic familiarity with the consumer bankruptcy process. An essential component of any consumer bankruptcy is the automatic stay. The “automatic stay” is the name of the injunction that arises automatically upon the filing of any bankruptcy. The stay prevents lenders from, among other things, seeking to collect on a debt […]
  • Sarah Edwards
  • May 29, 2019
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4 Things Lenders Should Know to Mitigate TCPA Risk

SAN DIEGO – One question Buckley LLP Partner John Redding often hears from his auto lender clients is: What is the status the Telephone Consumer Protection Act? “The state of TCPA is a complete mess, let’s not kid ourselves,” was his answer last week at the Auto Finance Risk Summit during a presentation titled “TCPA Compliance […]
  • Bianca Chan
  • May 22, 2019
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Compliance Complexities Lenders Should Know About E-Contracting

Recently, the auto finance sector has seen traditional paper consumer sales and financing documents replaced with electronic documents. Greater familiarity with electronic transactions, accessibility of simple, secure technology, and acceptance by capital markets may have each contributed to this trend. However, these transactions are still relatively new. What does this mean to lenders? Essentially, lenders […]
  • Arthur Rotatori
  • May 21, 2019
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Information Security Questions Every Lender Should Answer [Podcast]

Stiffer regulatory oversight of information protection practices has spurred lenders to reevaluate the way they collect and use personally identifiable consumer data. For lenders to keep up with changing data security compliance requirements, senior executives should start with creating a culture of awareness. “Maturing [information security] programs come down to leadership,” Hyundai Capital America’s VP of […]
  • Nicole Casperson
  • May 6, 2019
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Bureau Adopts AFSA Suggestions to Improve Vague Investigative Process

This week, the Consumer Financial Protection Bureau (CFPB) announced changes to its policy regarding Civil Investigation Demands (CIDs). The changes are intended to provide more information to the subject of the CID. AFSA has long advocated that the Bureau’s CIDs be more specific. Last April, in response to one of the Bureau’s several requests for […]
  • American Financial Services Association
  • April 26, 2019
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Minnesota Dept. of Commerce Issues Guidance Regarding Sales Finance Company License

On April 5, 2019, the Minnesota Department of Commerce (“Department”) issued guidance formalizing its position that a company that purchases retail installment contracts from Minnesota dealers must hold a sales finance company license, even if the company does not have a physical presence in Minnesota. Under the Minnesota Motor Vehicle Retail Installment Sales law, a […]
  • Kelly Lipinski
  • April 10, 2019
  • 0

Disparate Impact (Still) a Fair Lending Risk

Since the Consumer Financial Protection Bureau’s 2013 indirect automobile guidance was repealed last year, there have been no new public indirect automobile fair lending cases alleging disparate impact. However, fair lending risk still exists. The Equal Credit Opportunity Act and Regulation B remain. So, too, does the CFPB’s 2012 fair lending guidance endorsing disparate impact. […]
  • Brian Fink
  • April 8, 2019
  • 0
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