State Law Developments Driving Automotive Finance Regulation

The Business Lawyer, Vol. 73, Spring 2018

10 Pages Posted: 30 Apr 2018

See all articles by Kevin M. McDonald

Kevin M. McDonald

VW Credit, Inc.; Washington University School of Law

Kenneth Rojc

Nisen & Elliott, LLC

Date Written: April 11, 2018

Abstract

This annual survey for the ABA summarizes key developments affecting automotive financing, focusing on the major state developments. We cover consent orders from Massachusetts and Delaware tied to the financing practices and securitizations of subprime retail installment contracts and touch on various changes to installment and lending laws in Ohio and Vermont. We also cover significant developments impacting ancillary products, such as guaranteed asset protection plans and vehicle service contracts. We conclude with a postscript to a CFPB consent order we first reported in the 2016 annual survey.

Keywords: automobile financing, automobile loans, automobile leases, subprime lending, securitizations, Massachusetts Attorney General, Delaware Department of Justice, usury law, ancillary products, guaranteed asset protection plans, vehicle service contract, UDAAP, unfair, deceptive, and abusive trade

JEL Classification: K22, K23, G23

Suggested Citation

McDonald, Kevin M. and Rojc, Kenneth, State Law Developments Driving Automotive Finance Regulation (April 11, 2018). The Business Lawyer, Vol. 73, Spring 2018, Available at SSRN: https://ssrn.com/abstract=3160938

Kevin M. McDonald (Contact Author)

VW Credit, Inc. ( email )

2200 Woodland Pointe Ave.
Herndon, VA 20171
United States
571-314-2761 (Phone)

HOME PAGE: http://www.linkedin.com/in/kevmcdonald1

Washington University School of Law ( email )

Campus Box 1120
St. Louis, MO 63130
United States

HOME PAGE: http://law.wustl.edu/faculty-staff-directory/profile/kevin-m-mcdonald/

Kenneth Rojc

Nisen & Elliott, LLC ( email )

200 W Adams St #2500
Chicago, IL 60606
United States

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