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Company News

Nissan's U.S. lending arm to pay $4 million fine over improper repossessions

WASHINGTON, Oct 13 (Reuters) - Nissan Motor Co’s U.S. lending arm agreed on Tuesday to pay a $4 million U.S. fine after a government agency said it improperly repossessed hundreds of consumers’ vehicles.

The Consumer Financial Protection Bureau said Nissan Motor Acceptance Corp (NMAC), a subsidiary of the Japanese automaker’s North American unit, between 2013 and 2019 “wrongfully repossessed hundreds of consumers’ vehicles despite the consumer having made payments” or taken other actions. Nissan must pay up to $1 million to consumers subject to a wrongful repossession.

NMAC said it denied wrongdoing but agreed to settle and takes the agency’s “assertions seriously and share their commitment to fair practices for all our customers.” (Reporting by David Shepardson Editing by Chris Reese)

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