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John C. Redding quoted in an Auto Finance News article, “Regulators to keep pressure on deceptive practices, ancillary products”

Auto Finance News

John C. Redding

John C. Redding was quoted on May 14, 2018 in an Auto Finance News article, “Regulators to keep pressure on deceptive practices, ancillary products,” which discussed the continued pressure from regulators on auto finance compliance including deceptive practices and ancillary products. The article stated, “One of the areas of increasing concern has been ancillary products. Dealerships have been adding these contracts to retail installment contracts more frequently in recent years, especially as lenders cap the number of interest dealerships are allowed to charge consumers above the rate they were approved, Rojc said. He predicts regulators will be more keen on pursuing deceptive practices during the financing process, especially disclosures of service contracts and guaranteed asset protection policies.”

Redding added, “If I’m in a business and I don’t use collateral protection insurance, that doesn’t mean when a consent order comes out that relates to CPI I don’t have to look at it. Look at what were the underlying issues and analyze your own business based on those issues to see if you are vulnerable to those kinds of things.”

Click here to read the full article.