According to media reports, Franklin Codel, the bank’s head of consumer lending, was fired after making disparaging comments about a bank regulator to a fired employee, who reported the executive’s comments to bank officials.
The latest payout is related to the $4.1 million settlement the bank reached in September 2016 to resolve the DOJ’s allegations that the bank violated the Servicemembers Civil Relief Act. According to the DOJ, the bank identified an additional 450 servicemembers impacted by its unlawful repossessions between January 2008 and July 2015.
The Edmond, Okla., Cadillac dealership is one of two Cadillac stores in the Bob Moore Auto Group, a 14-rooftop dealer group founded by Robert W. Moore.
In an employee email obtained by F&I and Showroom, CFPB Director Richard Cordray announced he will leave his post by the end of November.
Thanks to a tight supply of late-model used vehicles, values don’t dramatically drop once the odometer crosses six figures, according to a new report from vehicle information site.
While the digital application channel generated significantly higher levels of overall satisfaction in J.D. Power’s 2017 U.S. Consumer Financing Satisfaction Study, many consumers are waiting longer for a credit decision than those utilizing dealer representatives.
Launched in 2016, AutoGravity rapidly expanded from 100,000 users in its first six months to more than one million users less than a year later, according to officials. In 2017 alone, car shoppers have request more than $1 billion in vehicle financing through the fintech firm’s car-buying app.
Republican Senator Mike Crapo (R-Idaho) told reporters on Wednesday he’s getting closer to brokering a deal on bipartisan legislation aimed at rolling back parts of the Dodd-Frank Act.
The bureau concedes in its report that consumers are financing larger amounts and are electing for longer-term loans to keep monthly payments affordable. However, the regulator also notes that longer-term loans aren't having the desired effect in terms of default rates.
The National Consumer Law Center is calling on lawmakers and regulators to investigate how dealers price F&I protections, claiming that an analysis of approximately 1.8 million vehicle transactions revealed inconsistent and discriminatory price markups over a span of six years.
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