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Settlement

N.J. Consumer Affairs Division Reaches $25K Settlement with Dealer

The New Jersey Division of Consumer Affairs and AutoSource Group, a used-car dealership, have settled a lawsuit filed by the regulator earlier this year. The dealership was accused of failing to disclose the condition of its cars, among other things.

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N.Y. AG Announces Two Actions Against Dealers

New York Attorney General Eric T. Schneiderman announced two separate actions this week against a 22-store dealer group and a Hyundai dealership, both related to deceptive advertising practices.

Two Las Vegas Dealers Settle FTC Charges

Two auto dealers in Las Vegas agreed to settle FTC charges that they used deceptive ads to promote the sale or leasing of their vehicles, including advertising heavily discounted prices that were not generally available to consumers.

CFPB: Consumers Will Soon Receive Ally Payout

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.

Calif. Dealer Settles Suit Over Fatal Crash

Bob Baker Lexus has reached a settlement with the family of four people killed in a car crash involving a loaner vehicle from the dealership.

CPS CEO: Finance Source Ahead of the Compliance Curve

Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.

N.Y. Shuts Down Subprime Auto Lender

Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.

Owners of 8 N.J. Dealerships Reach $1.8M Settlement For Deceptive Practices

In addition to paying civil penalties and reimbursements to the state, the owners of the dealerships must work to resolve 45 consumer complaints. This is the second such settlement the dealers have reached with the state.

FTC Settles With Two Dealers for Deceptive Advertising

By unanimous vote, the Federal Trade Commission approves final orders settling charges against two dealers for deceptive advertising.

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Ally Reaches $98M Settlement with DOJ, CFPB for Lending Discrimination

The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.

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