Complaint Numbers Low For Repossessions In 2023 – CFPB

An relatively small number of complaints pertained to auto loans and leases in 2023, according to the CFPB in their 2023 Annual Report. Despite their relative rarity, these complaints carry significant weight. Grievances predominantly revolve around servicing and payment discrepancies in auto loans and leases. Consumers express frustration over various issues such as payments being inaccurately applied, unwarranted late fees, insufficient GAP coverage, and the distressing occurrence of vehicle repossessions even after late payments were rectified. Additionally, there are instances where vehicles were repossessed despite consumers maintaining current loan status. Furthermore, complaints underscore the failure of servicers to adhere to protections outlined in the Servicemember Civil Relief Act. The Consumer Financial Protection Bureau (CFPB) emphasizes that dealership involvement in response to vehicle loan or lease complaints is typically unnecessary, except when dealers retain motor vehicle installment sales contracts.