Hyundai Ordered to Pay $19 Million

[Jkca1]

I am sure this was just a computer glitch that nobody caught until they were caught;

"The Consumer Financial Protection Bureau (CFPB) has ordered Hyundai Capital America, the auto manufacturer's financing division, to pay more than $19 million in fines and restitution for inaccurate and damaging credit reporting. The federal agency says the financing company furnished negative, inaccurate information on more than 2.2 million accounts and failed to address the issue once it was identified."

If you are a recent Hyundai owner you might want to talk to a lawyer;

"The federal agency says that Hyundai Capital America damaged millions of consumers' credit files by furnishing negative and inaccurate information." (bold mine)

Hyundai Ordered to Pay $19 Million for Credit Reporting

The automaker's financing company repeatedly reported inaccurate information.

www.investopedia.com

 

[mike2810]

one reason I have paid cash for my vehicles for years. Don't have to worry about any credit check done by a car dealer or bad information being reported about a vehicle loan.

 

[BirdinHand]

You mean financial institutions are predatory and that credit reports often have inaccurate information?

Shocking. (Sarcasm)

Consumer Reports investigates auto loans, finds bad news everywhere - Autoblog

A long-term 'Consumer Reports' investigation concludes that auto lenders gouge customers with good credit regardless of verification, other factors.

www.autoblog.com

 

[BirdinHand]

one reason I have paid cash for my vehicles for years. Don't have to worry about any credit check done by a car dealer or bad information being reported about a vehicle loan.

Same for us.

Unfortunately, not all people are as lucky..,and some of these auto finance loans should be a crime.

 

[Jkca1]

Same for us.

Unfortunately, not all people are as lucky..,and some of these auto finance loans should be a crime.

When you look at the LTV's it makes me wonder if buyers should have their mental health checked before signing anything too. When the buyers default, and they will, we all get hurt.

 

[Callen]

If you are a recent Hyundai owner you might want to talk to a lawyer

Why, unless you financed through them? We are on our third Hyundai, two Santa Fe and our newest is a Palisade. The vehicles are great and at a decent price point. The issues on the credit side have zero to do with the reliability of their vehicles. We don't finance our vehicles but if we did I may want to rethink their financing options but that has zero to do with their cars.

 

[Jkca1]

Why, unless you financed through them? We are on our third Hyundai, two Santa Fe and our newest is a Palisade. The vehicles are great and at a decent price point. The issues on the credit side have zero to do with the reliability of their vehicles. We don't finance our vehicles but if we did I may want to rethink their financing options but that has zero to do with their cars.

Looks like you are one of the lucky ones that have not died in your sleep;

"Hyundai and Kia are telling owners of almost 500,000 cars and SUVs in the United States to park outside and away from buildings due to a possible defect that can cause the vehicles to spontaneously catch fire even when not running."

Hyundai and Kia tell owners of nearly 500,000 vehicles to park outside due to fire risk | CNN Business

Hyundai and Kia are telling owners of almost 500,000 cars and SUVs in the United States to park outside and away from buildings due to a possible defect that can cause the vehicles to spontaneously catch fire even when not running.

www.cnn.com

 

[dmpi]

More specifically, Hyundai violated federal law by failing to:

• Report accurate and complete lease and loan information.
• Provide the date of first delinquency information when required.
• Modify or delete information when required.
• Have reasonable identity theft procedures in place.
• Have reasonable accuracy and integrity policies and procedures in place.

My thinking is Hyundai helped Hyundai owner's credit more than it hurt them. However what it did hurt is the overall accuracy and thus credibility of credit data.

 

[Rexedgar]

Anyone using the manufacturers credit arm are asking for trouble.

True story: In the early 1990s, I was working in the service department of a dealer. I had recently moved to my first house and it was about twenty miles from the town. I was driving a reliable old car, but it was getting near twenty years old. I got a “house” deal. A few months later I pulled the vehicle file that was stored in the service department. The bank had paid the dealership $ 600 to send the financing to them.

I have arrived at a comfortable station, financially and will always pay cash or get outside financing. The obligatory trip to the finance department is a breeze……nope, nope, nope and nope. That’s where they try to add all the bullshit to the car deal, Scotch Guard, undercoating, door edge guards, etc. ”It’s only going to add a few dollars to the monthly payment.” My favorite is the life insurance they try to sell you so that “the loan is paid if I die.”

Haha, if I die you go whistle!

 

[reflechissez]

Anyone using the manufacturers credit arm are asking for trouble.

True story: In the early 1990s, I was working in the service department of a dealer. I had recently moved to my first house and it was about twenty miles from the town. I was driving a reliable old car, but it was getting near twenty years old. I got a “house” deal. A few months later I pulled the vehicle file that was stored in the service department. The bank had paid the dealership $ 600 to send the financing to them.

I have arrived at a comfortable station, financially and will always pay cash or get outside financing. The obligatory trip to the finance department is a breeze……nope, nope, nope and nope. That’s where they try to add all the bullshit to the car deal, Scotch Guard, undercoating, door edge guards, etc. ”It’s only going to add a few dollars to the monthly payment.” My favorite is the life insurance they try to sell you so that “the loan is paid if I die.”

Haha, if I die you go whistle!

What's wrong with that, as long as it's disclosed?

 

[Rexedgar]

What's wrong with that, as long as it's disclosed?

That’s the point it wasn’t disclosed. I found out about it because I had access to the file. I guess I wasn’t clear……

 

[Lord Tammerlain]

When I bought my truck the dealership offered to share that $600 if I financed the purchase. I did, then paid the loan off after the first purchase.

That truck was a great deal.

On my wife's Accord, we negotiated an out the door price, with the 3M wrap on the front and all other costs put into that price. When the car came in, when finalizing the purchase they tried to add some extras to the deal, until the contract was brought out again and they honored the original negotiated price. Going in with y
cash or your own financing gives you more power to negotiate and walk away