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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Nissan Motor Co., Ltd.    7201   JP3672400003

NISSAN MOTOR CO., LTD.

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Nissan Becomes Most Recent Target Of CFPB Ire: Auto Finance Company Enters Into $4 Million Consent Order For Alleged Unlawful Repossession Acts

10/28/2020 | 05:10am EST

On October 13, 2020, the Consumer Financial Protection Bureau (the "CFPB") announced that it entered into a consent order (the "Order") with Nissan Motor Acceptance Corporation ("Nissan") to resolve allegations that the auto finance company violated the Consumer Financial Protection Act (the "Act"). The Order requires Nissan to pay a $4 million penalty and offer $1 million in restitution to affected consumers.

Specifically, the CFPB alleged that Nissan violated the Act in four ways:

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  • By repossessing vehicles between 2013 and 2020 even though customers had already made payments or taken action that should have prevented repossession;
  • By requiring customers to pay a $7.95 fee to make payments by telephone and failing to give customers an option to pay by telephone with significantly lower fees;
  • By requiring customers to pay a storage fee to Nissan's repossession agents for the return of personal property recovered from repossessed vehicles; and
  • By including statements in Nissan's loan modification agreements that appeared to limit customers' bankruptcy protections.
  • The Order imposes a $4 million penalty on the auto finance company and, further, requires Nissan to issue refunds to customers and pay customers for each day Nissan wrongfully withheld vehicles. Nissan also agreed to non-monetary relief as part of the Order. Nissan also agreed to prohibit its repossession agents from charging fees for the return of personal property recovered from repossessed vehicles, to conduct a quarterly review of repossessions, to clearly disclose to consumers the fee for pay-by-phone options, and to refrain from using language in its contracts that suggests consumers have relinquished any rights in bankruptcy.

    The Order is the latest in a slew of enforcement actions from the CFPB. In the third quarter of 2020, the CFPB brought 19 public civil and administrative actions, a pace not seen since the CFPB was helmed by Richard Cordray.

    The Troutman Sanders' Consumer Financial Services Law Monitor blog offers timely updates regarding the financial services industry to inform you of recent changes in the law, upcoming regulatory deadlines and significant judicial opinions that may impact your business. To view the blog, click here

    The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

    Ms Brooke Conkle
    Troutman Pepper Hamilton Sanders
    600 Peachtree Street, NE
    Suite 5200
    Atlanta
    GA 30308
    UNITED STATES

    © Mondaq Ltd, 2020 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

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    Financials
    Sales 2021 7 855 B 75 218 M 75 218 M
    Net income 2021 -508 533 M -4 870 M -4 870 M
    Net Debt 2021 6 526 B 62 492 M 62 492 M
    P/E ratio 2021 -3,85x
    Yield 2021 -
    Capitalization 1 972 B 18 897 M 18 886 M
    EV / Sales 2021 1,08x
    EV / Sales 2022 0,94x
    Nbr of Employees 136 134
    Free-Float 45,6%
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    Technical analysis trends NISSAN MOTOR CO., LTD.
    Short TermMid-TermLong Term
    TrendsBullishBullishNeutral
    Income Statement Evolution
    Consensus
    Sell
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    Mean consensus HOLD
    Number of Analysts 21
    Average target price 457,78 JPY
    Last Close Price 504,00 JPY
    Spread / Highest target 194%
    Spread / Average Target -9,17%
    Spread / Lowest Target -60,3%
    EPS Revisions
    Managers
    NameTitle
    Makoto Uchida Executive President & Chief Executive Officer
    Yasushi Kimura Chairman
    Ashwani Gupta COO & Representative Executive Officer
    Stephen Ma Chief Financial Officer & Executive Officer
    Anthony Thomas Chief Information Officer
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