News & Events

The Automotive Finance Group of Nisen & Elliott, LLC has been selected by a major automotive manufacturer and distributor to provide legal guidance with respect to their launch of a nationwide electric vehicle leasing program. The team of Attorneys and Paralegals headed by Kenneth Rojc will assist with business licensing, contract and forms development and lease origination and servicing operations in conjunction with a team of in-house counsel. Nisen & Elliott, LLC is very excited about this new venture and very honored to have been selected based upon our extensive experience with consumer and commercial leasing transactions and programs.

The Automotive Finance Group has been recently assisting certain captive finance company clients with their state regulatory examinations, including sales finance license examinations. As part of this process, we have worked with both the client and applicable regulator in responding to exam issues related to contract form usage, fee parameters, fair lending issues, servicing procedures, debt collections, lien perfection, vehicle titling issues, repossession management and ancillary products. In several cases we have actively participated in meetings with regulatory officials to address compliance issues that arise during the course of the examinations. In conjunction with the regulatory exams, the Automotive Finance Group has also collaborated with clients in updating and reviewing their written compliance policies. Among the federal and state law compliance policies that we have recently updated include the following: ECOA/Fair Lending, Fair Debt Collection, Privacy, Account Servicing, Ancillary Products, Repossessions and Privacy.

Automotive Finance Group has been developing new multi-state consumer lease contracts in connection with the upcoming national launch of an electric vehicle and the launch of a new captive company. In both of these projects, Nisen & Elliott will bring its unique expertise to the motor vehicle consumer leasing arena and provide federal and state compliance to the electronic and print formats of the lease contract forms. In addition to the lease contracts, Nisen & Elliott will develop origination and servicing documentation.

Nisen & Elliott has been tracking all developments related to the handling and processing of ancillary product refunds. Our legal team has presented on national webinars, trade association meetings and individual client conferences. The legal and compliance issues center around the state law parameters in connection with the processing and handling of ancillary product refunds, including those that apply to GAP waivers, service contracts and credit life insurance.

Our paralegals within the Automotive Finance Group are actively involved with managing business license renewals for captive finance company clients. The license renewals and management encompass sales finance licenses, lessor licenses, consumer loan licenses and commercial loan licenses. Our paralegal team works with our clients throughout the license application and renewal process to ensure that the initial application or license renewal is accepted by state regulators upon the first presentation.

The Automotive Finance Group is currently reviewing and updating national lease contract forms for many of its motor vehicle leasing clients. As part of these reviews and updates, we are identifying those states that require a state specific lease form. In addition, we have been updating lease contract provisions to accommodate various methods of communication with lessees during the lease term. The lease contract forms that are being developed can be used for hard copy and electronic versions

In light of the Covid-19 developments that are impacting the automotive finance markets, Nisen & Elliott LLC is assisting clients with retail and lease extension and deferral programs. As part of this review, we are drafting extension and deferral documents as well as compliance policies. In addition, we are conducting 50 state law research in connection with deferred payments and balloon payments.

The Automotive Finance Group is tracking Covid-19 state law developments as they apply to automotive lending and leasing. In particular, we are tracking vehicle repossession moratoriums and any limits imposed on contract terms and interest rates. The detailed compilations are available in our monthly compliance report, Auto Alert™.

Nisen & Elliott, LLC is now representing several captive companies in connection with their specialized lease programs, including leases where the maintenance and insurance charge is built into the monthly lease payment. The attorneys and paralegals in the Automotive Finance Group have assisted in coordinating the appropriate lease documents and business licenses to structure these unique leasing programs on a state-by-state basis.  We have also coordinated with outside insurance counsel to analyze the insurance law issues and risks inherent with the consumer lease disclosure requirements and the offer of such leases to consumers.

Nisen & Elliott, LLC has provided banks, captive companies and independent finance companies with a 50 State Review of the refund requirements for GAP Waiver products. This project involved the analysis of state statutes and regulations along with confirmations with certain state regulation agencies.  The compliance guidance provided will enable our clients to navigate through an area of automotive finance law which has attracted significant attention by the federal and state regulators. Specifically, the review identifies those states where an auto finance lender has the obligation to refund a portion of the original cost of a GAP Waiver where there has been a prepayment of the underlying retail installment sale or lease contract.

Auto Alert™ celebrates its 20^th Anniversary as one of the nation’s leading automotive finance compliance reports. Auto Alert™ is available to Nisen & Elliott’s automotive finance clients on a subscription basis and is provided in both hard copy and electronic versions. David Gemperle is the lead editor of this publication.  Each edition of Auto Alert™ provides:

• Executive Summary of Statutory, Regulatory, Legislative or Case Law Developments
• Impact Analysis
• Entire Text of Statutes, Regulations,  Proposed Legislation or Reported Decisions

Auto Alert™ is also available with an enhanced feature, where we provide specific guidance to a client by recommending modifications to the client’s forms, practices or policies in light of the retail installment sale, loan or lease development.

The National Vehicle Leasing Association (NVLA) announced that it has appointed Nisen & Elliott, LLC as its Legal and Legislative Counsel for 2016.

"Nisen & Elliott was selected as NVLA's Legaland Legislative Counsel due to the firm's depth, knowledge and experience in the vehicle leasing arena," said NVLA president PJ McMahon, vice president of McMahon Automotive Group. "Nisen & Elliott's extensive work with motor vehicle lessors at both the national and regional level will serve NVLA members well."

Kenneth Rojc, managing partner of the Automotive Finance Group of Chicago-based Nisen & Elliott, said he looks forward to serving NVLA members and helping the organization stay abreast of legal and regulatory trends impacting the vehicle leasing industry.

"We are honored to be selected as NVLA's Legal and Legislative Counsel and we look forward to supporting one of the nation's leading vehicle leasing trade associations," said Rojc. "The attorneys and paralegals in our Automotive Finance Group stand ready to assist NVLA members with their legal and compliance needs."

Rojc will be joined by David Gemperle, a Nisen & Elliott partner, and attorneys and paralegals in the firm's Automotive Finance Group in serving NVLA and its member companies. The Automotive Finance Group focuses daily on the key origination, contract disclosure, servicing and remarketing issues facing lessors throughout the United States.

Founded in 1968, NVLA provides educational opportunities, promotes responsible legislation and communicates with members regarding developments and trends in vehicle leasing. NVLA promotes the leasing concept while encouraging the highest ethical and professional standards. Membership is made up of independent leasing companies, automobile dealerships, banks, credit unions and suppliers of goods and services to lessors.

The 2014 Edition of the National Lease Advertisement Review is now available for distribution. This biennial Review is one of the most comprehensive analyses of print and internet motor vehicle lease advertisements.  The two volume set includes the federal and state law analyses of 14 lease advertisements, disclosure checklists and templates, Master Comparison Chart and summaries of federal and state advertising laws.  Many of our clients rely on this comprehensive compliance resource for their national lease advertisements.

Nisen & Elliott is representing Credit Union Leasing of America (“CULA”) in connection with the review and development of their motor vehicle lease documents and procedures. Kenneth Rojc, David Gemperle and Andrew Kriz have been advising the management of CULA , based in San Diego, California on their multi-state lease contract and state-specific lease contracts and procedures.  Nisen & Elliott has also been providing guidance to CULA on the latest federal and state law developments impacting consumer leases originated through credit unions as well as assisting in the creation of innovative lease programs.

Nisen & Elliott is representing a captive finance company in connection with the review and development of their motor vehicle lease documents and procedures. Kenneth Rojc, David Gemperle and Andrew Kriz have been actively involved with the legal, compliance and operation teams of the captive finance company. The lease contracts include a multi-state contract along with state specific variations to be used by the lessor. Specialty leases have also been developed for unique vehicle - specific programs for certain motor vehicles.

Nisen & Elliott, LLC is representing a major captive finance company in the development of its proprietary consumer lease contracts. The Automotive Finance Group of Kenneth Rojc, David Gemperle and Andrew Kriz have worked with the legal and business teams of such company. The new closed-end consumer lease contracts, including multi-state lease forms and forms designed for use in specific states, were launched in October 2013.

Nisen & Elliott is representing Santander Consumer USA Inc. in connection with the launch of Chrysler Capital, the new captive finance company for the Chrysler Group. The Automotive Finance Group of Kenneth Rojc, David Gemperle, Andrew Kriz, Colleen Lambrecht, Cara Matesi and Debbie Krusen will be assisting with federal and state law compliance matters, business licensing and the review and development of documentation and servicing for Chrysler Capital’s businesses.  The new captive finance company will enable Chrysler and Fiat dealers to provide consumer financing, wholesale floor planning, real estate and commercial loans through Chrysler’s network of 2500 dealers.

Nisen & Elliott is representing Volvo Cars of North America, LLC in connection with its launch of a captive finance arm, Volvo Car Financial Services US, LLC (VCFS). The Automotive Finance Group of Kenneth Rojc, William Walker, David Gemperle, Andrew Kriz, Colleen Lambrecht and Cara Matesi will be assisting with all facets of federal and state law compliance matters, business licensing and the review and development of documentation and servicing for VCFS’s retail installment sale and lease businesses.  Bank of America will provide the funding and CenterOne Financial Services will provide the servicing for VCFS.  The new captive finance company will enable Volvo Cars of North America, LLC to implement a key initiative in their long term growth plan.

Nisen & Elliott is representing TD Bank Group in connection with its announced $6.3 billion acquisition of Chrysler Financial from an affiliate of Cerberus Capital Management , L.P. The New York law firm of Simpson Thacher is the lead transaction counsel for TD and Nisen & Elliott is assisting with U.S. automotive finance regulatory matters.  Chrysler Financial is an independent financial services company doing business in the United States and Canada, offering retail financing programs in the United States through franchised  automotive dealerships of all brands. The acquisition will give TD a platform for asset generation in the North American automotive lending market, enabling it to significantly grow its consumer loan portfolio. Following this transaction, TD expects to be positioned as a top 5 bank-owned auto lender in the North America.   The acquisition is expected to close in the second quarter of TD’s 2011 fiscal  year, pending regulatory approvals  and satisfaction of other customary closing conditions.  The Nisen & Elliott team included Kenneth Rojc, David Gemperle , Karoline Andris, Colleen Lambrecht and Cara Schlismann.