AutoFinance

U.S. Department of Justice Wraps Up Investigation into Auto Financing Practices

5 days ago

The U.S. Department of Justice (DOJ) has officially concluded its investigation into the auto financing business practices of a prominent financial services company. This decision marks a significant moment in a case that has drawn considerable attention from regulators and the public alike. The investigation, which had been ongoing, focused on allegations related to the company’s lending practices and their compliance with federal consumer protection laws.

Rising Financial Strain: Ally Financial's Auto Borrowers from 2022 Face Increasing Challenges

5 months ago

Ally Financial Inc., a major player in the automotive finance sector, is reporting significant financial stress among its auto borrowers who took out loans in 2022. The company's Chief Financial Officer (CFO), Jessica G. Zeller, highlighted these concerns during a recent earnings call, indicating a troubling trend that could have implications for both borrowers and the broader market.

Volkswagen's UK Unit Hit with $5.4 Million Fine for Borrower Mistreatment

6 months ago

In a significant development, Volkswagen’s financial services arm has been penalized with a hefty fine amounting to £4.4 million (approximately $5.4 million) for improperly handling borrower accounts in the United Kingdom. The action stems from the Financial Conduct Authority (FCA) discovering that the subsidiary engaged in unfair practices that negatively impacted customers seeking financial assistance and vehicle financing options.