Nissan's U.s. Loan Company To Pay $4 Million Fine Over Repossessions

Nissan's U.S. loan company to pay $4 million fine over repossessions

WASHINGTON — Nissan's U.S. lending arm agreed on Tuesday to pay a $4 million U.S. fine to settle a government agency's allegation that it improperly repossessed hundreds of consumers' vehicles.

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

Nissan Reportedly Wants A $6.4 Billion Loan To Weather Virus

Nissan reportedly wants a $6.4 billion loan to weather virus

TOKYO — Nissan Motor Co has requested a $4.6 billion commitment line from major lenders to cushion the impact of the coronavirus pandemic while it seeks to engineer a desperately needed turnaround, people with knowledge of the matter said.

As the virus decimates car demand and disrupts production across the industry, Nissan is particularly vulnerable, still reeling from sharp drops in profits after decades of aggressive expansion as well as management chaos due to the scandal surrounding ousted leader Carlos Ghosn.