Saturday, September 23, 2023
  • PRESS RELEASE
  • ADVERTISE
  • CONTACT US
198 Automobile News
No Result
View All Result
  • Home
  • Videos
  • Business
  • Brands
  • Clubs
  • Ratings & Reviews
  • News
  • Blog
  • Ad
  • Autodeals
  • Auctions
  • Global Trends
  • Contact Us
  • Home
  • Videos
  • Business
  • Brands
  • Clubs
  • Ratings & Reviews
  • News
  • Blog
  • Ad
  • Autodeals
  • Auctions
  • Global Trends
  • Contact Us
No Result
View All Result
198 Automobile News
No Result
View All Result
Home Business

Nissan’s U.S. loan company to pay $4 million fine over repossessions

by The Editor
October 14, 2020
in Business
0
Nissan’s U.S. loan company to pay $4 million fine over repossessions
Share on FacebookShare on TwitterShare on EMail

[ad_1]

WASHINGTON — Nissan’s U.S. lending arm agreed on Tuesday to pay a $4 million U.S. fine to settle a government agency’s allegation that it improperly repossessed hundreds of consumers’ vehicles.

The Consumer Financial Protection Bureau (CFPB) said that between 2013 and 2019, Nissan Motor Acceptance Corp (NMAC), a subsidiary of the Japanese automaker’s North American unit, “wrongfully repossessed hundreds of consumers’ vehicles despite the consumer having made payments” or taken other actions. Nissan must pay up to $1 million distributed to consumers subject to a wrongful repossession.

NMAC said it denied wrongdoing but agreed to settle and takes the agency’s “assertions seriously and share their commitment to fair practices for all our customers.”

NMAC repossessed vehicles from consumers who made payments that decreased delinquency to less than 60 days past due or took other steps that should have prevented repossessions, the bureau said, adding NMAC told consumers it would not repossess vehicles if payments were less than 60 days past due.

CFPB also found Nissan “kept personal property in consumers’ repossessed vehicles until consumers paid a storage fee (and) deprived consumers paying by phone of the ability to select payment options with significantly lower fees.”

The agency said actions violated the Consumer Financial Protection Act prohibition against unfair and deceptive acts and practices. The settlement imposes requirements “to prevent future violations and remediate consumers whose vehicles are wrongfully repossessed going forward,” the bureau said.

CFPB also found that when Nissan agreed to modify loan payments for tens of thousands of consumers it “used agreements or written confirmations that included language that created the net misimpression that consumers could not file for bankruptcy.”

In 2018, auto dealerships assigned NMAC over 382,000 new loans and 299,000 new leases, CFPB said, adding the same year NMAC serviced $49.3 billion in outstanding loans and leases.

Related Video:



[ad_2]

Source link

ShareTweetSend

Related Posts

2023 VW ID.4 Debuts With New Base Trim Starting At $38,790

2023 VW ID.4 Debuts With New Base Trim Starting At $38,790

by The Editor
August 4, 2022
0

The 2023 Volkswagen ID.4 arrives with a new entry-level Standard grade and updates throughout the trim levels. VW is now...

Electric truck maker Nikola beats revenue estimates on higher deliveries

Electric truck maker Nikola beats revenue estimates on higher deliveries

by The Editor
August 4, 2022
0

Nikola Corp exceeded market estimates for quarterly revenue on Thursday as the electric-vehicle maker delivered more semi trucks after a...

Consolidated profit at INR 41.14 crore, Auto News, ET Auto

Consolidated profit at INR 41.14 crore, Auto News, ET Auto

by The Editor
August 4, 2022
0

Sundaram Finance Holdings (SF Holdings) has reported a consolidated net profit at INR 41.14 crore up by 30.27% for the...

BMW sees volatile 2022 with chips and energy squeeze in focus

BMW sees volatile 2022 with chips and energy squeeze in focus

by The Editor
August 4, 2022
0

BERLIN — BMW lowered its output forecast and warned of a highly volatile second half on Wednesday, pinpointing supplies of...

Lordstown Motors reports first quarterly profit on asset sale to Foxconn

Lordstown Motors reports first quarterly profit on asset sale to Foxconn

by The Editor
August 4, 2022
0

Lordstown Motors Corp on Thursday reported its first quarterly profit as the electric-vehicle firm benefited from the sale of certain...

Ashok Leyland distributor Deluxe Trucks & Buses inks pact with Kenya Commercial Bank for vehicle financing, Auto News, ET Auto

Ashok Leyland distributor Deluxe Trucks & Buses inks pact with Kenya Commercial Bank for vehicle financing, Auto News, ET Auto

by The Editor
August 3, 2022
0

File Image New Delhi: Ashok Leyland’s authorized distributors, Deluxe Trucks, and Buses in Kenya on Wednesday signed a partnership with...

Load More
Next Post
Jim Farley will continue racing his 1978 Lola T298 and 1966 Ford GT40

Jim Farley will continue racing his 1978 Lola T298 and 1966 Ford GT40

Isuzu launches limited number Onyx edition MU-X •

Isuzu launches limited number Onyx edition MU-X •

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

No Content Available
Load More
198 Automobile News

Get the latest automotive news and follow the coverage of updates, new release, auctions, deals and and more from the world's top trusted sources.

Follow Us

Categories

  • Auto Auctions
  • Autodeals
  • Blog
  • Brands
  • Business
  • Clubs
  • Global Trends
  • News
  • Reviews
  • Videos

Recent News

CerebrumX’s deep learning platform hints at the future of connected vehicle data

CerebrumX’s deep learning platform hints at the future of connected vehicle data

August 5, 2022
Food delivery strike in Malaysia today – Grab responds

Food delivery strike in Malaysia today – Grab responds

August 5, 2022
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2020 198 Automobile News.

No Result
View All Result
  • Home
  • Videos
  • Business
  • Brands
  • Clubs
  • Ratings & Reviews
  • News
  • Blog
  • Ad
  • Autodeals
  • Auctions
  • Global Trends
  • Contact Us

Copyright © 2020 198 Automobile News.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?