According to a study released on February 12, 2019 by the Federal Reserve Bank of New York, a record 7 million Americans are at least 90 days behind on payments for automobile loans and retail installment contracts. The report stated that there are more people now with delinquent or late loan payments than there were at the height of the 2008 financial crisis. Part of the problem appears to be that after the 2008 crisis, the law placed heavy restrictions on mortgages to make it harder to take out a home loan unless you could afford to make the monthly payments. Similar restrictions were not imposed on auto loans.
Please contact us if you are having problems with an auto lender, or are being sued on a retail installment contract, vehicle lease or auto loan.
We can help you both defend the claims against you and assert your rights under the Fair Debt Collection Practices Act, Uniform Commercial Code, Truth in Lending Act, Illinois Motor Vehicle Retail Installment Sales Act, and other laws.
Auto financing is subject to numerous legal requirements. Noncompliance is common.
Major auto creditors that do business in the Chicago area include
Ally American Eagle Bank
American Honda Finance Corporation Automotive Credit Autovest (bad debt buyer) Cascade Capital (bad debt buyer)
D&E Finance Ford Motor Credit Friendly Finance Future Finance Gateway Financial / GFS II General Motors Financial Company, Inc. Greater Chicago Finance
Greater Suburban Acceptance
Honda Financial Services
Hyundai Motor Finance HZ CNAC Mariner Finance
Mercedes-Benz Financial Services USA LLC Nationwide CAC
Nationwide Cassel Overland Bond Personal Finance Prestige Financial Prizm Financial Regional Acceptance
Santander Tidewater TD Auto (formerly known as Chrysler Financial) United Auto Credit Value Auto Mart
The 12 attorneys in our firm have a total of more than 100 years experience handling consumer lawsuits. One of them wrote the book on defending collection lawsuits. D. Edelman, Collection Litigation: Representing the Debtor (Illinois Institute for Continuing Legal Education 2008, 2011, 2014, 2019 editions).
We look forward to hearing from you about this or any other consumer legal problem you wish to discuss. There is no charge for consultation.
