Daily Digest – August 3. Forced Insurance That Led To Repossessions Gets Wells In More Hot Water; Losses Spike at Credit Acceptance

INSURANCE THAT LEAD TO REPOSSESSIONS KEEPS GETTING WELLS IN HOT WATER

  • The New York Department of Financial Services has issued subpoenas to Wells Fargo after the lender admitted it had placed insurance policies on hundreds of thousands of vehicles and charged the individuals for the policies. In as many as 20,000 cases, the extra payments caused the borrowers to default on the loans and the vehicles were ultimately repossessed.

LOSSES AT CREDIT ACCEPTANCE SPIKE IN 2Q

  • Losses at Credit Acceptance spiked 47% in the second quarter but recoveries were only up about 20%, according to the lender, which released its earnings results yesterday. The results also show that Credit Acceptance has not yet pulled back on its subprime loan originations.

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Mike Gibb

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