Security National Automotive Acceptance Company, LLC
The Consumer Financial Protection Bureau (CFPB) today took action
against Security National Automotive Acceptance Company (SNAAC), an auto lender
specializing in loans to servicemembers, for violating a Bureau consent order.
In 2015, the CFPB ordered SNAAC to pay both redress and a civil penalty for
illegal debt collection tactics, including making threats to contact
servicemembers’ commanding officers about debts and exaggerating the
consequences of not paying. SNAAC violated the 2015 order by failing to provide
more than $1 million in refunds and credits, affecting more than 1,000
consumers. Today’s consent order requires SNAAC to make good on the redress it
owes to those consumers and pay an additional $1.25 million penalty.