Tag: buy-here pay-here

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CFPB Takes Action Against Another Buy-Here Pay-Here Used Car Dealer
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Department of Justice Settles Its First Discrimination Case against a “Buy Here, Pay Here” Used Car Dealership

CFPB Takes Action Against Another Buy-Here Pay-Here Used Car Dealer

On Thursday, January 21, 2016, the CFPB entered into a consent order with a small buy-here pay-here used car dealer. This is the third CFPB settlement against a buy-here pay-here dealer. The settlement resolves allegations that the dealer inaccurately disclosed finance charges to consumers in violation of the Truth in Lending Act (“TILA”) and the prohibition on deceptive acts or practices, and engaged in abusive sales practices.

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Department of Justice Settles Its First Discrimination Case against a “Buy Here, Pay Here” Used Car Dealership

By: Melanie Brody, Anjali Garg

On February 10, 2015, the Department of Justice (DOJ) and the North Carolina Attorney General announced a settlement against two “buy here, pay here” used car dealerships and the companies’ presidents. The settlement resolves allegations under the Equal Credit Opportunity Act, its implementing regulation (Regulation B), the North Carolina Unfair and Deceptive Trade Practices Act, and the North Carolina Uniform Commercial Code, that the companies engaged in “reverse redlining” by allegedly targeting African American borrowers for used car loans using unfair and predatory terms.

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