Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
CFPB settles with Nissan Motor Acceptance Corp
The CFPB has announced it has issued a consent order against Nissan Motor Acceptance Corporation (NMAC), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide.
The Bureau found that NMAC and its agents:
- wrongfully repossessed vehicles;
- kept personal property in consumers’ repossessed vehicles until consumers paid a storage fee;
- deprived consumers paying by phone of the ability to select payment options with significantly lower fees; and
- in its loan extension agreements, made a deceptive statement that appeared to limit consumers’ bankruptcy protections.
These actions violated the Consumer Financial Protection Act’s (CFPA) prohibition against unfair and deceptive acts and practices.
The Bureau’s consent order requires Nissan to refund fees paid by consumers, credit any outstanding charges stemming from the repossession, and pay consumers redress for each day Nissan wrongfully held the car. Nissan must also pay a civil money penalty of $4 million. The consent order also requires Nissan to:
- prohibit its repossession agents from charging personal property fees to consumers directly and from demanding fees as a condition of returning personal property;
- correct its repossession practices and conduct a quarterly review to discover and remediate any future wrongful repossessions;
- clearly disclose to consumers the fee for each method of making a payment by phone before consumers are asked which method they wish to use; and
- stop using any language that creates the impression that consumers have surrendered their bankruptcy rights.