[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-280283-105":53,"doc-detail-280283-en":126},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":119,"head_meta":121,"extra_data":123,"updated_unix":125},105,"en","supervisory-highlights-special-edition-auto-finance","Supervisory Highlights - Special Edition Auto Finance","","The Consumer Financial Protection Bureau issues the thirty-fifth edition of Supervisory Highlights as a special edition focused on auto finance. This edition addresses findings from examinations generally completed between November 1, 2023 and August 30, 2024, examining deceptive advertising, inaccurate disclosures at loan origination, misapplied payments, and incorrect credit reporting information. It also highlights significant violations in administering add-on (optional/ancillary) products across the loan lifecycle under the Consumer Financial Protection Act.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/supervisory-highlights-special-edition-auto-finance/280283/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/supervisory-highlights-special-edition-auto-finance/280283.png","ImageObject",442,249,{"name":88,"@type":89},"Lucas Vance","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-11-04","2026-09-16",true,{"@type":98,"interactionType":99,"userInteractionCount":20},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the purpose of this CFPB Supervisory Highlights special edition on auto finance?","Question",{"text":108,"@type":109},"It presents supervisory findings focused on stopping wrongdoing in the auto-finance market, including violations affecting consumers’ disclosures, payments, credit reporting, and repossession outcomes.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What time period do the findings in this edition cover?",{"text":113,"@type":109},"The findings cover select auto-finance examinations generally completed from November 1, 2023, to August 30, 2024.",{"name":115,"@type":106,"acceptedAnswer":116},"What origination disclosure issues were identified by examiners?",{"text":117,"@type":109},"Examiners identified two issues: how annual percentage rates (APRs) were marketed and how prepayment penalties were disclosed.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},280283,1791724860,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":20,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":141},549768064622,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","This document is scheduled to be published in the  \nFederal Register on 10/18/2024 and available online at [https://federalregister.gov/d/2024-24093](https://federalregister.gov/d/2024-24093), and on [https://govinfo.gov](https://govinfo.gov)  \n4810-AM-P  \nCONSUMER FINANCIAL PROTECTION BUREAU  \nSupervisory Highlights: Special Edition Auto Finance  \nAGENCY: Consumer Financial Protection Bureau.  \nACTION: Supervisory highlights.  \nSUMMARY: The Consumer Financial Protection Bureau (CFPB or Bureau) is issuing its thirty fifth edition of Supervisory Highlights.  \nDATES: The findings in this edition of Supervisory Highlights cover select examinations  \nrelated to auto-finance that were generally completed from November 1, 2023, to August 30, 2024.  \nFOR FURTHER INFORMATION CONTACT: Jaclyn Sellers, Senior Counsel, at (202) 435- 7449. If you require this document in an alternative electronic format, please contact [CFPB_Accessibility@cfpb.gov](CFPB_Accessibility@cfpb.gov).  \nSUPPLEMENTARY INFORMATION:  \n1. Introduction  \nThis edition of Supervisory Highlights focuses on the Consumer Financial Protection Bureau’s (CFPB’s) work to put the brakes on wrongdoing in the auto-finance market. The impact of this market on American families is significant. Auto loan debt exceeds all other household-debt categories except for home mortgages. As of the second quarter of 2024, Americans owe $1.616 trillion in auto loan debt.1  \nThe auto-finance market enables people to buy vehicles necessary for important life functions, such as driving to work, school, and medical appointments. But when auto-finance companies violate the law it can have serious consequences for families, from having to pay money they do not owe to losing their vehicle.  \n1 Federal Reserve Bank of New York, Household Debt and Credit Report (Q2 2024), [https://www.newyorkfed.org/microeconomics/hhdc.html](https://www.newyorkfed.org/microeconomics/hhdc.html).  \nThis Supervisory Highlights issue covers significant findings across all aspects of consumers’ experiences with the auto-finance market. It reports on consumers being lured in through deceptive advertising about available loan terms and failing to receive accurate and complete disclosures at origination, having their payments misapplied or incorrect information about their payment history reported to credit reporting companies (CRCs), and finding their car had been repossessed, though they had made their payments as promised.  \nThis issue also highlights a trend of significant violations related to the handling of addon products, also known as optional or ancillary products. Consumers generally finance these add-on products at loan origination, with the product premium paid upfront and then included in the amount financed. Auto-finance companies profit from these products through the original cost, the finance costs over the life of the loan, and, in some cases, from the failure to ensure refunds when consumers can no longer use the products. Although add-on products may benefit some consumers, examiners have identified unfair, deceptive, and abusive acts or practices throughout the lifecycle of add-on products. From auto loan originators including add-on products without consumers’ consent, to servicers failing to allow consumers to cancel the products during the initial cancellation period, failing to provide the benefit of the product, or failing to ensure consumers receive refunds when the loan terminates early, add-on product administration represents a significant risk to consumers that the CFPB will continue to monitor.  \nThe auto-finance market is subject to various laws and regulations the CFPB enforces. Under the Consumer Financial Protection Act (CFPA), all covered persons or service providers are prohibited from committing unfair, deceptive, or abusive acts or practices. Examiners’findings of unfair, deceptive, and abusive acts or practices in auto-finance reviews are included in this issue of Supervisory Highlight","cbCailecVgDvVGBN","https://ap.wps.com/l/cbCailecVgDvVGBN","pdf",358070,24,"English","# Introduction\n## Focus on auto-finance wrongdoing\n## Scope of examinations\n# Supervisory Observations\n## Origination disclosures\n### Misleading \"as low as\" APR marketing","[{\"question\":\"What is the purpose of this CFPB Supervisory Highlights special edition on auto finance?\",\"answer\":\"It presents supervisory findings focused on stopping wrongdoing in the auto-finance market, including violations affecting consumers’ disclosures, payments, credit reporting, and repossession outcomes.\"},{\"question\":\"What time period do the findings in this edition cover?\",\"answer\":\"The findings cover select auto-finance examinations generally completed from November 1, 2023, to August 30, 2024.\"},{\"question\":\"What origination disclosure issues were identified by examiners?\",\"answer\":\"Examiners identified two issues: how annual percentage rates (APRs) were marketed and how prepayment penalties were disclosed.\"}]","Supervisory Highlights - Special Edition Auto Finance | PDF",1789536197,8]