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

NISSAN MOTOR CO., LTD.

(7201)
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Nissan Motor : Auto Financing Company Settles CFPB Charges For "Wrongful Repossession" Practices

10/19/2020 | 08:10am EST

Nissan Motor Acceptance Corporation, a nonbank auto financing corporation that originates and services auto loans and leases, settled CFPB charges for engaging in "wrongful repossession" and servicing activities.

As described in the Consent Order, the CFPB alleged that the company had committed unfair and deceptive acts and practices, in violation of the Consumer Financial Protection Act of 2010, by (i) wrongfully repossessing vehicles, (ii) withholding personal property stored in the repossessed consumers' vehicles, (iii) depriving consumers of an option to significantly lower their fee when they made payments by phone, and (iv) misrepresenting consumers' bankruptcy rights.

In the Order, the company agreed to (i) provide between $750,000 and $1 million in cash redress to affected consumers and (ii) pay a civil money penalty of $4 million. Additionally, the company agreed to certain conduct and compliance requirements in order to prevent future violations.

Commentary

Today's action by the CFPB is the second consent order in a month against a nonbank auto loan servicer, reflecting increased attention by the CFPB on this market. The Order also provides insight into what the CFPB considers to be "wrongful repossession" practices and the Order should be studied closely by market participants.

Primary Sources

  1. CFPB Press Release: Consumer Financial Protection Bureau Settles with Nissan Motor Acceptance Corporation for Illegal Collections and Repossession Practices
  2. CFPB Consent Order: Nissan Motor Acceptance Corporation

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 Rachel Rodman
Cadwalader, Wickersham & Taft LLP
200 Liberty Street New York
New York
NY 10281
UNITED STATES
Tel: 2125046000
Fax: 2125046666
E-mail: cwtinfo@cwt.com
URL: www.cadwalader.com

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

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Financials
Sales 2021 7 860 B 75 319 M 75 319 M
Net income 2021 -503 075 M -4 821 M -4 821 M
Net Debt 2021 6 515 B 62 437 M 62 437 M
P/E ratio 2021 -3,96x
Yield 2021 -
Capitalization 2 008 B 19 204 M 19 241 M
EV / Sales 2021 1,08x
EV / Sales 2022 0,94x
Nbr of Employees 136 134
Free-Float 45,6%
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Mean consensus HOLD
Number of Analysts 21
Average target price 461,67 JPY
Last Close Price 513,10 JPY
Spread / Highest target 188%
Spread / Average Target -10,0%
Spread / Lowest Target -61,0%
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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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