Dec 11, 2017
Georg Bauer will report on the progress of fintech start-up fair.com, a business he co-founded this year with TrueCar pioneer Scott Painter. Bauer will be speaking at the International Auto Finance Network conference in January 2018 in London. Fair.com’s business model has grown out of the founders’ belief that modern consumers find problems with the current car buying process. Confrontational experiences with dealership salespeople and the long-term commitments required for purchases, leases and loan agreements are all out of step with purchasing patterns in most other sectors, where consumers increasingly favour pay on use and subscription arrangements, they argue.
Dec 11, 2017
The New York City Department of Consumer Affairs (DCA) has secured over $300,000 from three auto finance companies in restitution for 50 car buyers who were found to be victims of predatory lending at Brooklyn used car dealerships. Commissioner Lorelei Salas announced settlement agreements with Credit Acceptance Corp., Clover Commercial Corp, and Westlake Financial Services, which were found to have financed sub-prime auto loans at rates as high as 24.9%.
Nov 30, 2017
Volkswagen Financial Services Australia (VWFSA) has paid a penalty of AUD$216,000 (US$163,000) after the Australian Securities and Investments Commission (ASIC) issued infringement notices for alleged misleading advertising statements. The penalty related to VWSA’s ‘1% you can’t ignore’ advertising campaign, with ASIC issuing 20 infringement notices in total.