The Consumer Financial Protection Bureau and Justice Department issued a joint letter reminding auto finance companies of their responsibility to recognize legal protections for military families under the Servicemembers Civil Relief Act.
CFPB, DOJ issue reminder on servicemember auto finance protections
August 01, 2022 / By ICBA
The Consumer Financial Protection Bureau and Justice Department issued a joint letter reminding auto finance companies of their responsibility to recognize legal protections for military families under the Servicemembers Civil Relief Act.
The Consumer Financial Protection Bureau and Justice Department issued a joint letter reminding auto finance companies of their responsibility to recognize legal protections for military families under the Servicemembers Civil Relief Act.
Details: Citing research that servicemembers tend to carry more auto loan debt at a younger age than their civilian counterparts, the joint letter covers SCRA provisions on wrongful vehicle repossessions, terminating vehicle leases, and violating auto loan interest rate benefits.
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