Latest Online Edition  Read Here

Latest News

Credit Acceptance Named as Great Female Workplace

Monday, 09 October 2017 20:22

Credit Acceptance Corp. has been recognized by Great Place to Work and Fortune as one of the 100 Best Workplaces for Women.
Great Place to Work selected companies for this list by analyzing how women rated their organizations on over 50 different metrics defining great workplaces, including ethical leadership, respectful and fair workplace interactions, great benefits and development, and strong caring and personal support. 
The 100 Best Workplaces for Women ranking is one of a series of rankings by Great Place to Work and Fortune based upon team member feedback received from the annual Great Place to Work survey.

Finance Companies Pay for Service member Repos

Monday, 09 October 2017 00:44

The Justice Department announced that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations that the companies violated the Service Members Civil Relief Act (SCRA) by repossessing 70 vehicles owned by SCRA-protected service members without first obtaining the required court orders. 
Both companies target junior enlisted service members for their loans and products.  During its investigation, the department found that Westlake and Wilshire had failed to adopt policies and procedures necessary to ensure that their motor vehicle repossessions complied with the SCRA. 
The agreement requires Westlake and Wilshire to provide $10,000 in compensation to each of the 70 affected service members, plus any lost equity in the vehicle with interest. 
Westlake and Wilshire also must repair the credit of all affected service members, pay a $60,788 civil penalty to the United States and determine, in the future, whether any vehicle it is planning to repossess is owned by an SCRA-protected service member.  If so, Westlake and Wilshire will not repossess the vehicle without first obtaining a court order or valid waiver of SCRA rights. 
The agreement also contains provisions ensuring that all eligible service members will receive the benefit of the  SCRA’s six percent interest rate cap on their auto loans. 
 The agreement resolves the DOJ’s claims and the complaint will be dismissed once Westlake and Wilshire deposit the funds required by the settlement agreement into an escrow account and pay the civil penalty to the United States.  Westlake and Wilshire will contact service members to be compensated through this settlement in the upcoming months.  They will locate victims and distribute payments at no cost to service members.
This matter came to the department’s attention in 2016, when the Consumer Financial Protection Bureau’s Office of Service Member Affairs notified the department that it had received a complaint that Westlake and Wilshire were conducting motor vehicle repossessions in violation of the SCRA.

Popular News

The CFI Group’s Bank Satisfaction Barometer (BSB) is 79, dropping…
Credit Acceptance Corp. has been recognized by Great Place to…
The Justice Department announced that Westlake Services LLC and its…
RMS Automotive enhanced the dealer web portal for long-time partner…

CFPB Issues Rule on Title Pawn

Monday, 09 October 2017 00:43

The Consumer Financial Protection Bureau’s new rule on payday lending includes a section on auto title loans.
As with payday loans, the CFPB found that the vast majority of auto title loans are re-borrowed on their due date or shortly thereafter.
The rule requires that lenders determine whether the borrower can afford the loan payments and still meet basic living expenses and major financial obligations. For auto title loans that are due in one lump sum, full payment means being able to afford to pay the total loan amount, plus fees and finance charges, within two weeks or a month.
The rule is actually stricter for title loans because it does not allow a principal-payoff option, in which borrowers can take out one loan that meets certain restrictions and pay it off in full.

GWC Warranty Celebrates Relationship

Thursday, 05 October 2017 19:09

GWC Warranty recently celebrated two years of partnership with Metrolina Credit by joining the Carolinas-based lender at the grand opening of its new corporate headquarters and flagship branch office in Charlotte, N.C.
GWC Warranty and Metrolina first partnered in 2015, and have since worked with more than 300 dealerships to protect thousands of drivers from costly, out-of-pocket repair bills. Metrolina Credit, which operates five branches in North and South Carolina partners with GWC Warranty to co-market each other's services, which opens the doors for dealers to work vehicle service contracts into more financing deals.
GWC Warranty's area vice president of strategic alliances, Wendy Pratt, was invited to join Marohn and his team at the company's grand opening in August. Pratt joined Metrolina employees, local representatives and industry partners to celebrate the success Metrolina has experienced in recent years.