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In Dacumos v. Toyota Motor Credit Corporation, 2018 WL 2059562 (W.D.Wash., 2018), Judge Martinez dismissed a credit reporting claim against an automobile finance company deriving from an earlier settlement where the company allegedly agreed not to collect further on the Account. Plaintiff also contends that TMCC breached Paragraph 2.b. of the Agreement by reporting Plaintiff’s loan balance as $13,593.00 instead of… Read More

In Lindblom v. Santander Consumer USA, Inc., 2018 WL 573356, at *5 (E.D.Cal., 2018), Judge McAuliffe found that the class representative was not typical because her claim fell outside the statute of limitations and was not subject to equitable tolling. As proposed by Plaintiff, the class definition includes individuals who paid Speedpay fees during the applicable limitations period, which is on… Read More

In Duran v. Quantum Auto Sales, Inc., 2017 WL 6333871, at *8 (Cal.App. 4 Dist., 2017), the Court of Appeal held in an unpublished decision that a car dealer's Benson-tender did not insulate the dealer from liability. In this case, Quantum's pre-litigation offer went far beyond a willingness to take corrective action as contemplated by the drafters of the CLRA. We… Read More

In Dupreez v. GMAC, Inc., 2017 WL 6016592, at *3–4 (Md.App., 2017), the Maryland Court of Appeals confirmed that automobile RISCs are not subject to Maryland's usury statute because they are not "loans". Maryland courts have long held that the term “loan” in the Usury Statute does not extend to installment sales contracts for personalty. This is because under Maryland law,… Read More

A copy of the GAO's letter is here:  GAO Letter on Indirect Financing Rule  The Congressional Review Act requires all federal agencies to submit each rule to Congress and to the Comptroller General, and, as it did with regard to the CFPB's Arbitration Rule, Congress can disapprove of the rule within 60 legislative days by simple majority vote. Read More

The Senate voted 51 to 50 late Tuesday to repeal the Consumer Financial Protection Bureau’s rule banning mandatory arbitration clauses in financial contracts.  Vice-President Pence cast the deciding vote to break the tie.    Senate Republicans relied on the Congressional Review Act ("CRA") to overturn the CFPB's anti-Arbitration Rule.  The CFPB's Rule had been challenged by the Department of Treasury… Read More

Dear Subscribers, We are proud to announce that Severson & Werson's Personal Property Finance weblog  (www.calautofinance.com) enters its 10th year, we have decided to export it to the Firm's main (and new and improved!) website (www.severson.com).  Your subscriptions to receive our periodic e-mails also will be exported to the new site and yours truly is proud to continue my involvement… Read More

McDonald v. Wells Fargo Bank, N.A., 2016 WL 6205302, at *2 (W.D.Pa., 2016), Judge Kearny addressed what happens when a decedent is current on her car loan at the time of death, but the creditor allegedly breaches the contract after death.  Judge Kearny found that the administrator lacks standing to sue under the survivor statute because there was no pre-death… Read More

The OCC Semi-Annual Report for 2016 stated: Auto lending risk is increasing because of notable and unprecedented growth across all types of lenders.  Recently, delinquencies on auto loans have begun to increase and used car values have started to decline. As banks have competed for market share, some banks have responded with less stringent underwriting standards, or both, for direct… Read More

In Milligan v. Ally Financial, Inc., 2016 WL 2939786, at *1 (D.Md., 2016), Judge Chmsanow granted summary judgment to Ally against a customer who refused to believe that the RISC had been assigned to Ally.    On May 10, 2014, Plaintiff purchased a used vehicle from Waldorf Chevrolet Cadillac (the “Dealership”) in Waldorf,  Maryland by entering into a Retail Installment Sale… Read More

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