CFPB Auto Finance Consent Order: A Sign of Things to Come for Add-On Products?
By EsqSocial Corporation 02/06/21
On May 21, 2021, the Consumer Financial Protection Bureau (CFPB) and 3rd Generation, Inc. d/b/a California Auto Finance entered into a Consent Order in which the CFPB alleged unfair acts or practices in connection with an auto finance add-on product. What was the add-on product? According to the Consent Order, 3rd Generation purchases and services “subprime auto loans by taking assignment of retail-installment-sales contracts that automobile dealers make with borrowers.”......
By: Bradley Arant Boult Cummings LLP