Mercedes-Benz is using location sensors to track and repossess vehicles in the United Kingdom when drivers fall behind on payments, raising privacy concerns and leading one prominent politician to call for a government investigation. © Thomas Kienzle/AFP/Getty Images An employee mounts a wheel on a Mercedes Benz A Class on the assembly line at the Daimler
Rivian Announces $500 Million Investment from Ford; Partnership to Deliver All-New Ford Battery Electric Vehicle • Ford and Rivian form strategic partnership through $500 million minority investment • Ford to build all-new battery electric vehicle using Rivian’s flexible skateboard platform • The investment is subject to customary regulatory approval; Ford’s Joe Hinrichs to join Rivian’s
BofA Cuts Agencies Due To Company Names Be prepared. Forwarding companies, at the request of Bank of America, are now shutting off agencies whose names they find offensive. Here is the message from one forwarder: I am reaching out to you as a 2nd client with XXXXXXX has requested that we suspend your company at
CFPB Complaint Database Could Go Private The Consumer Financial Protection Bureau (CFPB) is exploring whether it should take its controversial public-facing complaints database private. Speaking to Reuters in her first interview since becoming CFPB Director in December, Kathy Kraninger acknowledged the database is under review. Since its inception, the database has generated criticism from financial services
RO Pulls Knife On Texas Agent A 44-year-old man was arrested late Wednesday night after he threatened a repo man with a knife, an Odessa Police Department affidavit detailed. Michael Anthony Baker was charged with aggravated assault with a deadly weapon, a second-degree felony, and hindering a secured creditor of more than $2,500 and less
CFPB Director Says Preventing Consumer Harm Is Top Priority Consumer Financial Protection Bureau Director Kathy Kraninger said today she is focusing the agency on preventing consumer harm. “An ounce of prevention is worth a pound of cure,” Kraninger told an audience at the BiPartisan Policy Center, a Washington, DC think tank. With a greater emphasis
Repo Snitch Shoots, Kills RO ABERDEEN – An Aberdeen woman, Lillian Cayson, 31, was charged with murder Tuesday night after confessing to killing 39-year-old Moses Daniels. Aberdeen Assistant Police Chief Quinell Shumpert said the case stemmed from a vehicle being repossessed. “Supposedly, she called the place that Moses had bought the car from. They hadn’t
Rather Than Make Payment, RO Drives Into Canal GALLIANO – A man who allegedly crashed his truck into a canal to get out of making payments was caught by deputies after he went back for personal items he forgot in the vehicle. The Lafourche Parish Sheriff’s Office says deputies first found the pickup partially submerged
New Wrinkle In Auto Repossessions – Car Sharing Most of you remember several years ago when Uber began writing extremely subprime loans as a service to it’s drivers and almost as quickly started issuing repossession orders. Now that additional market for repossession agencies has a new twist in the form of Car Sharing. Two
Exeter Finance Hit With $6 Million Payout Subprime auto lender Exeter Finance has agreed to pay more than $6 million in two states for financing auto loans that the lender knew or should have known were unfair. Both states say the loans violated state law. The settlements in Massachusetts and Delaware resulted from a joint
