Auto Finance Keeps Rolling

74 BUS. LAW. 599 (2019) (ABA's The Business Lawyer)

10 Pages Posted: 9 May 2019

See all articles by Kevin M. McDonald

Kevin M. McDonald

VW Credit, Inc.; Washington University School of Law

Kenneth Rojc

Nisen & Elliott, LLC

Date Written: April 11, 2019

Abstract

This is the ABA's annual survey of key legal and regulatory developments affecting automotive finance in 2018.

Federal and state law developments were rolling down the regulatory avenues of automotive finance during the past year (2018). The Bureau of Consumer Financial Protection (“CFPB”), the Office of the Comptroller of the Currency (“OCC”), and the U.S. Department of Justice (“DOJ”) were involved with significant consent orders and settlements related to forced placed insurance programs and capitalized cost reduction refunds to servicemember lessees.

Further, a congressional resolution repealed the CFPB’s fair lending guidance applicable to dealer rate participation, and a major automotive finance company resolved a nationwide class action in connection with the disclosure of purchase option fees charged to lessees. A major automotive finance company resolved a nationwide class action in connection with the disclosure of purchase option fees charged to lessees.

On the state law front, legal developments dealt with loan versus retail installment sale classifications, the content of repossession notices, the prohibition of vehicle subscription programs, and unique fair lending disclosure requirements for retail installment sale transactions.

Keywords: Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Department of Justice, automobile financing, servicemember relief act, fair lending, usury, vehicle subscriptions, repossession notice

JEL Classification: K12, K22, K23, K42

Suggested Citation

McDonald, Kevin M. and Rojc, Kenneth, Auto Finance Keeps Rolling (April 11, 2019). 74 BUS. LAW. 599 (2019) (ABA's The Business Lawyer), Available at SSRN: https://ssrn.com/abstract=3370611

Kevin M. McDonald (Contact Author)

VW Credit, Inc. ( email )

2200 Woodland Pointe Ave.
Herndon, VA 20171
United States
571-314-2761 (Phone)

HOME PAGE: http://www.linkedin.com/in/kevmcdonald1

Washington University School of Law ( email )

Campus Box 1120
St. Louis, MO 63130
United States

HOME PAGE: http://law.wustl.edu/faculty-staff-directory/profile/kevin-m-mcdonald/

Kenneth Rojc

Nisen & Elliott, LLC ( email )

200 W Adams St #2500
Chicago, IL 60606
United States

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