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CFPB Finds Issues with Repossessions

CFPB Finds Issues with Repossessions Featured

The Consumer Financial Protection Bureau recently released information on its supervisory actions in the first half of the year, including those involving auto finance.
Many auto credit servicers give borrowers options to avoid repossession of their vehicle if a loan is delinquent or in default. But the CFPB’s examiners found that one or more companies were repossessing vehicles after the repossession was supposed to be cancelled.
Some creditors wrongfully listed the account as delinquent. In other instances, customer service representatives did not cancel the repossession order when feasible after borrowers made sufficient payments.
Also, some repossession agents did not check the documentation beforehand to see if the repossession had been cancelled.

Last modified on Wednesday, 13 September 2017 15:32
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