Auto loan debt edged up in the third quarter, driven by record-high loan originations, according to the Federal Reserve Bank of New York’s quarterly report on household debt. Total household debt grew $ 87 billion in the third quarter to $ 14.35 trillion, the highest figure recorded for household debt …
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A New York City dealership accused of a slew of deceptive and illegal practices targeting non-English-speaking customers agreed to pay more than $ 286,855 in restitution and penalties Tuesday as part of a consent order with the state’s attorney general. The office of New York State Attorney General Letitia James …
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Compliance experts believe the Federal Trade Commission’s handling of a New York dealership case, in which the store agreed to pay $ 1.5 million for a slew of illegal and unethical practices in the finance and insurance office, may have far-reaching implications. Federal regulators in particular cited dealership-arranged financing, also …
Read More »Thomas Higgins, the incoming director of compliance at the Greater New York Automobile Dealers Association, acknowledges this is a strange time to switch careers. Higgins spent nine years at the New York State Department of Motor Vehicles, most recently as deputy commissioner of compliance. During his tenure, Higgins was in …
Read More »A New York Honda dealership agreed to pay $ 1.5 million to settle charges levied by the Federal Trade Commission that management discriminated against African-American and Hispanic car buyers, among other violations. The FTC, in a complaint filed in U.S. District Court in New York on May 21, accused Bronx …
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