Auto Cash Leasing, LLC
The Consumer Financial Protection Bureau (CFPB) sued five title lenders operating in Arizona — Auto Cash Leasing, LLC; Interstate Lending, LLC; Oasis Title Loans, LLC; Phoenix Title Loans, LLC; and Presto Auto Loans, Inc. — for failing to disclose the annual percentage rate in online advertisements about title loans. The Bureau alleges that the companies advertised a periodic interest rate for their loans without listing the corresponding annual percentage rate. The CFPB filed five individual administrative lawsuits seeking civil monetary penalties and administrative orders requiring the companies to correct their practices.
CFPB Sues Five Arizona Title Lenders for Failing to Disclose Loan Annual Percentage Rate to Consumers