New York City’s Department of Consumer Affairs announced an investigation into used-car lending, issuing subpoenas to Santander Consumer USA Inc. and Santander Consumer Funding 3 LLC, auto finance companies owned by Banco Santander S.A.
As the licenser and regulator of the city’s used-car dealerships, DCA is for the first time ever investigating used car dealer financing practices, in particular subprime loans underwritten by lenders such as Santander and arranged for consumers by the used car dealerships. This inquiry builds on DCA’s earlier investigations, which raised concerns that dealerships may be engaged in illegal predatory practices such as selling expensive and unwanted add-ons and arranging high-interest subprime loans without informing consumers of information they are required to provide so that the consumer can make a smart choice about financing.
Looking for BHPH note buyers? check out http://autonotebuyer.net
