CFPB Takes Action Against Auto Finance Company for Debt Collection UDAAP Violation

Yesterday the Consumer Financial Protection Bureau (CFPB) announced it was taking action against a lender that focused on making automobile loans to servicemembers.

The CFPB alleges that Security National Automotive Acceptance Company, LLC, an Ohio based auto finance company, regularly engaged in prohibited, aggressive debt collection tactics against servicemembers and used a combination of illegal threats and deceptive claims in order to collect debts.

In announcing the action CFPB Director Richard Cordray stated: “Security National Automotive Acceptance Company took advantage of military rules to put enormous pressures on servicemembers to pay their debts.  For all the security they provide us, servicemembers should not have their financial and career security threatened by false information from an auto loan company.”

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