Consumer complaints against powersports lenders such as Harley-Davidson Financial Services, Yamaha Motor Finance and MotoLease have dropped nearly half through June 25, according to Consumer Finance Protection Bureau data analyzed by Powersports Finance.
In all, consumers have filed 32 powersports-related complaints with the CFPB this year, down from 58 complaints in the first half of 2018. While some powersports lenders had only one filed complaint across both years, HDFS, Yamaha Motor Finance, MotoLease and Synchrony Financial had multiple.
At that rate, consumer complaints should total about 65 by yearend, down 36% year over year, according to Powersports Finance analysis.
For HDFS, Yamaha Motor Finance and MotoLease, complaints declined this year versus last. Consumers filed 23 complaints against HDFS through June 25 — the most for any powersports lender — compared with 40 through midyear 2018.
HDFS didn’t receive any complaints this year about borrowers having problems at the end of the loan, an issue that generated the second highest volume of complaints about the captive — nine, in all — through June 2018. Last year, borrowers generally complained about issues with how their accounts were managed or with selling their vehicles at the end of the contract.
The captive received fewer complaints about incorrect information on borrowers’ credit reports. The number dropped to nine in June compared with 11 complaints through June 2018.
For More Read: The Top Three Consumer Complaints About Powersports Lenders
However, complaints against HDFS about managing the loan or lease increased to four from three year over year.
Meanwhile, complaints against Yamaha Motor Finance decreased to three from five through June 25. The captive’s top complaint during the first half of 2018 — improper use of the credit report — decreased to one complaint from three.
Consumers filed two other complaints Yamaha — one for incorrect information on the credit report and one for collecting debts not owed.
MotoLease’s complaints in the CFPB dropped to two complaints this year from nine. The lessor received one complaint about incorrect information on the credit report, compared with four complaints last year. MotoLease also received a complaint about false statements or representations, which revolves around debt collection.
On the other hand, MotoLease didn’t receive complaints from consumers struggling to pay their loan, problems at the end of lease, or improper use of a credit report, like it had in the first half of 2018.
Finally, Synchrony Financial has received four complaints so far this year, the same number filed in 2018. However, the complaint topics are different this year. The lender received three complaints about managing the loan or lease and one complaint about improper use of the credit report. By comparison, Synchrony received three complaints about problems at the end of a loan and one about incorrect information on a credit report by the end of June 2018.Like This Article