Servicemembers Who Participated in the MILES Auto Loan Program Will Receive a Refund
If you are a servicemember who participated in the Military Installment Loans and Educational Services (MILES) auto loan program operated by U.S. Bank and its nonbank partner, Dealers’ Financial Services (DFS), you may benefit from an enforcement action the Consumer Financial Protection Bureau announced recently.
U.S. Bank and DFS must return about $6.5 million to servicemembers for failing to properly disclose an allotment fee charged to participants, as well as the timing of the allotment payments. Servicemembers are not required to take any action to receive their reimbursement. Victims will receive an account credit or a check in the mail.