CFPB, DOJ issue reminder on servicemember auto finance protections

The Consumer Financial Protection Bureau and Justice Department issued a joint letter reminding auto finance companies of their responsibility to recognize legal protections for military families under the Servicemembers Civil Relief Act.

Details: Citing research that servicemembers tend to carry more auto loan debt at a younger age than their civilian counterparts, the joint letter covers SCRA provisions on wrongful vehicle repossessions, terminating vehicle leases, and violating auto loan interest rate benefits.