CFPB Brings Down the Hammer

The Consumer Financial Protection Bureau has announced a consent order against Herbie's Auto Sales in Greeley, Colorado that includes $700,000 in restitution payments. But most troubling in the order is a finding that Herbie's “…hid finance charges that stemmed from a refusal to negotiate car prices.” NIADA attorney Shaun Petersen (among many others, no doubt) is parsing the order carefully in an attempt to glean exactly what the CFPB's position is with regard to car price negotiations. As we learn more, we will keep you updated.