Recognized as a nationwide leader in the areas of consumer finance lending, servicing and portfolio purchases and sales, as well as consumer privacy and data security across multiple industries, BuckleySandler brings an unrivaled depth of knowledge and experience to the automobile finance industry. We count among our attorneys former counsel at the very entities responsible for regulating the auto finance industry, including a former senior FTC attorney who had general responsibility for the non-bank auto finance industry and other non-banking lenders, including specific involvement in Holder in Due Course, EFT Act, and credit advertising issues. As a result, our attorneys bring a unique perspective and understanding of what regulators and enforcement agencies are interested in and looking for and know how to protect and advance our clients’ business interests.
Among the many aspects of auto finance law in which we are involved at the state and federal level, our work includes:
- Helping clients obtain the necessary licenses to develop and maintain direct and indirect lending channels, motor vehicle leasing, debt collection, and online financing activities
- Development and implementation of e-commerce solutions, including electronic documents and contracting processes, leasing and remarketing opportunities, and development of the Standards and Procedures for Electronic Records and Signatures (SPeRS)
- Advising on regulatory and legal compliance issues under existing state and federal law, and in anticipation of the CFPB’s entry into the auto finance and dealer markets, in the areas of licensing, document requirements, fair lending, loan servicing, repossession and replevin
- Legal compliance audits and due diligence reviews of business forms, processes, and policies and procedures for compliance with all state and federal requirements
- Provision of state and federal law surveys addressing all aspects of law affecting the auto finance industry
- Legal review and structuring of technology platforms for the creation, storage, and transfer of “electronic chattel paper” for auto finance industry
- Participating in the development of the American National Standards Institute (ANSI) technical standard approved by ANSI’s Accredited Standards Committee, X9: ANS X9.103-2004 (Motor Vehicle Retail Sale and Lease Electronic Contracting) to provide guidance for the creation of electronic chattel paper in the automotive industry
- Privacy, identity theft and data security solutions
- Defense of class action suits, including suits alleging discriminatory pricing in connection with motor vehicle financing provided by auto lenders
- Represent bank and non-bank finance companies in various regulatory matters, including investigations and enforcement actions initiated by the OCC, CFPB and other regulators
As a premier national law firm in the consumer finance space, BuckleySandler is able to handle all of our clients’ automotive finance needs in areas of strategic initiatives and transactions, litigation, enforcement and regulatory matters.