CFPB v. SMART Payment Plan, LLC
On November 2, 2020, the Bureau issued a consent order against SMART Payment Plan, LLC (SMART), a limited liability company with its principal place of business in Austin, Texas.
SMART operates a loan payment program for auto loans called the SMART Plan that deducts payments from consumers’ bank accounts every two weeks and then forwards these payments every month to the consumers’ lenders. The Bureau found that SMART’s disclosures of the terms for the SMART Plan contained misleading statements in violation of the Consumer Financial Protection Act of 2010’s prohibition against deceptive acts or practices.
Victim compensation
The CFPB contracted with RUST Consulting, LLC to administer payments for this case and to answer questions from consumers. This matter is now closed.
For more information on this closed case, contact us at Consumer Financial Protection Bureau, Attn: OCFO – Smart Payment Plan, LLC, 1700 G Street NW, Washington DC 20552
Important dates
September 2022 – April 2024