CarMax Plays “Used Car Recall Roulette” By Selling Potentially Dangerous Vehicles

CarMax Plays “Used Car Recall Roulette” By Selling Potentially Dangerous Vehicles

During the height of recallopalooza 2014, a coalition of consumer advocacy groups raised concerns about CarMax, alleging that the nation’s largest used vehicle seller was misleading customers with claims of “Quality Certified” cars and “125+ point” inspections while not revealing that some cars had been recalled for safety issues that had not yet been repaired.  More than a year later, a new report shows that CarMax is continuing this practice, which one legislator has dubbed “used car recall roulette.” [More]

(The.Comedian)

Auto Loan Debt Tops $1 Trillion For First Time; All Consumer Debt Nearing $12 Trillion

Now that the Great Recession has gone from “is it really over?” to “remember when?” more Americans are buying cars, pushing auto loan debt beyond the $1 trillion mark for the first time in U.S. history. [More]

Why Didn’t Dept. Of Education Find Problems With Loan Servicer Fined $100M?

Why Didn’t Dept. Of Education Find Problems With Loan Servicer Fined $100M?

Last May, investigations by the Department of Justice and the Federal Deposit Insurance Corporation into student loans servicing resulted in a $100 million fine against government-contracted servicer Navient for allegedly violating federal laws limiting the amount of interest that can be charged on servicemember student loans. Following those investigations, the Department of Education undertook a review that found its four servicers – including Navient – weren’t cheating military personnel. With such conflicting reports, members of Congress are now getting involved, calling for an investigation into the Dept. of Education’s review process. [More]

Add-ons allowed in states like Louisiana defeat the purpose of initial interest rate caps.

Most State Laws Can’t Protect Borrowers From Predatory Installment Loans, Open-End Lines Of Credit

As regulators continue to craft rules meant to crackdown on costly and harmful short-term payday lending, companies are offering alternative products like installment loans and open lines of credit to consumers. But, as it turns out, these cash infusions can be just as devastating to those in need, and few states offer sufficient protections for borrowers. [More]

Report: GM Threatened With Regulatory Investigation Before Issuing Recall For Fire-Prone Hummers

Report: GM Threatened With Regulatory Investigation Before Issuing Recall For Fire-Prone Hummers

Last week, General Motors announced that it would recall nearly 196,000 Hummer vehicles because simply turning on the heating or cooling system could set the car ablaze. While we reported that federal regulators had received nearly two dozen consumer complaints about the issue over the past seven years, a new report finds that the real number of reported incidents is much higher, and that GM may have continued to put off issuing the recall had it not been for threats of an investigation. [More]

Bank Of America, Wells Fargo Top List Of Most Complained About Mortgage Issuers

Bank Of America, Wells Fargo Top List Of Most Complained About Mortgage Issuers

For the past four years, the Consumer Financial Protection Bureau’s Consumer Complaint Database has seen its fair share of consumer issues related to mortgages. In fact, complaints regarding loan modification, collection, foreclosure, loan servicing, payments and escrow accounts continue to be one of the biggest financial thorns in consumers’ sides. And the worst offender? Bank of America. [More]

10 Things We Learned About The University Of Phoenix’s Alleged Military Marketing Strategy

10 Things We Learned About The University Of Phoenix’s Alleged Military Marketing Strategy

It’s no secret that for-profit colleges receive a large chunk of their revenue from military education benefits. To deter unscrupulous for-profit colleges from unfairly targeting these prospective students, the government has imposed several limitations on just how these companies can recruit servicemembers. But a new report shows that one of the nation’s largest proprietary education institutions – The University of Phoenix – spends millions of dollars to allegedly skirt those rules. [More]

Reports Show NHTSA Failed At First To Properly Investigate GM’s Ignition Switch Defect

Reports Show NHTSA Failed At First To Properly Investigate GM’s Ignition Switch Defect

Recently released internal reports from the National Highway Traffic Safety Administration show that for nearly a decade the agency did little to adequately address concerns regarding the deadly General Motors ignition switch defect. [More]

No Surprise Here: CFPB Finds Reverse Mortgage Ads Create False Impressions

No Surprise Here: CFPB Finds Reverse Mortgage Ads Create False Impressions

Last year, Consumerist reported on why you shouldn’t run out to sign up for a reverse mortgage just because Fred Thompson or other paid spokespeople opine about the benefits in national advertising campaigns. Today, the Consumer Financial Protection Bureau echoed our fears that these ads can be misleading by releasing the results of a focus group and issuing an advisory warning consumers that promotions for the costly product often don’t tell the whole story. [More]

(Chris Goldberg)

Looking To Finance A New Or Used Vehicle? You’re Likely In For The Long-Haul

Purchasing a new or used vehicle can represent quite a commitment for consumers, especially as the length of an average vehicle loan continue to get longer, now reaching all-time highs. [More]

FDA Report Shows Jeni’s Splendid Ice Creams Failed To Adequately Comply With Testing, Cleaning Procedures

FDA Report Shows Jeni’s Splendid Ice Creams Failed To Adequately Comply With Testing, Cleaning Procedures

While Jeni’s Splendid Ice Creams prepares to reopen its scoop shops this weekend, newly released federal investigation reports show the Ohio-based company’s issues date back several years before its public battle with listeria contamination. [More]

(frankieleon)

Warrant: Researcher Claims He Commandeered Flight Through In-Flight Entertainment System

Nearly a month after a government report identified security weaknesses within the airline industry, including the possibility that newer airplanes with interconnected WiFi systems could be hacked, a recently obtained Federal Bureau of Investigation search warrant shows a security researcher claims he briefly took control of an aircraft after hacking into the plane’s in-flight entertainment system. [More]

Xbox One's new live over-the-air network broadcasts could soon include a DVR option.

Microsoft Reportedly Adding DVR Feature To Xbox One Over-The-Air Broadcasts

When Microsoft announced last month that its Xbox One would have the ability to provide users with live over-the-air content from local broadcast networks, the company said the new feature would allow viewers to pause the action for up to 30 minutes. But a half-hour just isn’t a lot of time for today’s busy TV watcher, which is probably why the company is reportedly looking to add a DVR feature to the console [More]

(Mike Mozart)

NHTSA Won’t Open Investigation Into Unintended Acceleration In Toyota Corollas

Toyota will not face another probe regarding unintended acceleration in its vehicles, the National Highway Traffic Safety Administration announced over the weekend. [More]

(Hammerin Man)

GAO Report Finds Airplanes With WiFi Connections May Be Vulnerable To Cyber Attacks

Just as a report found in early February that the newest models of connected cars aren’t adequately guarded from security and privacy hacks, a new report from the U.S. Government Accountability Office found the same issue currently plagues another transportation segment: flying. [More]

(Nazra Z)

Amazon Prime Members Less Likely To Visit Target.com, Walmart.com When Shopping Online

In recent months big box retailers like Walmart and Target have attempted to thwart Amazon’s growing influence over consumers with a variety of new policies such as reducing the minimum purchase required for free shipping and allowing price-matching with the online retailer (although, that effort didn’t’ last long). But, according to a new report, those measure might amount to “too little, too late” when it comes to Amazon Prime shoppers. [More]