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May 2012 - Feature

Facts, Anyone?

Stories about dealer practices that harm consumers are prevalent, but the facts seem to be difficult to come by.

By Tom Hudson

Stories about dealer practices that harm consumers are prevalent, but the facts seem to be difficult to come by.

Tags: CFPB, Compliance, FTC, Hudson Cook LLP

April 2012 - Feature

Show of Force

The nation’s chief enforcement agency singled out five dealers for deceptive advertising in March. The magazine’s resident legal wiz weighs in.

By Michael Benoit

The nation’s chief enforcement agency singled out five dealers for deceptive advertising in March. The magazine’s resident legal wiz weighs in.

Tags: Civil Investigative Demand, CLA, Dealer Advertising, FTC, TILA

April 2012 - Feature

Contractually Obligated

Bending the rules in the name of customer satisfaction isn’t a viable defense in court. The magazine’s newest compliance expert explains how even a slight adjustment can have serious consequences.

By Gil Van Over

Bending the rules in the name of customer satisfaction isn’t a viable defense in court. The magazine’s newest compliance expert explains how even a slight adjustment can have serious consequences.

Tags: charge-backs, TILA

March 2012 - Feature

Vegas Musings

The magazine’s resident legal wiz reports on what he saw and heard at the industry’s annual get-together last month, including reports of dealer investigations being conducted by the Federal Trade Commission.

By Tom Hudson

The magazine’s resident legal wiz reports on what he saw and heard at the industry’s annual get-together last month, including reports of dealer investigations being conducted by the Federal Trade Commission.

Tags: CFPB, Consumer Financial Protection Bureau, Federal Trade Commission, NADA, NADA Convention and Expo, spot delivery

March 2012 - Cover Story

Updating F&I

Connecting F&I to the digital world was the talk at the annual dealer and lender conventions last month, and opinions varied on what the F&I office of the future will look like.

By Gregory Arroyo

Connecting F&I to the digital world was the talk at the annual dealer and lender conventions last month, and opinions varied on what the F&I office of the future will look like.

Tags: BANK OF AMERICA, chase, DEALERTRACK, Generation Y, Group 1 Automotive, iPad, iPad Business Applications, J.D. Power and Associates, mobile applications, Mobile Website, NADA, NADA Convention and Expo, Reynolds & Reynolds, Social Media, SOCIALDEALER, Wells Fargo

February 2012 - Feature

10 Predictions for 2012

The magazine’s legal wiz shines up his crystal ball to offer his predictions on how the CFPB and the FTC will flex their regulatory muscles in 2012.

By Tom Hudson

The magazine’s legal wiz shines up his crystal ball to offer his predictions on how the CFPB and the FTC will flex their regulatory muscles in 2012.

Tags: CFPB, Consumer Financial Protection Bureau, FEDERAL REGULATION, Federal Trade Commission, LEGAL, legislation

February 2012 - Feature

Reading the Tea Leaves

The industry has been waiting for signs on how the CFPB would approach anything auto. The magazine’s resident legal wiz says the agency has finally tipped its hand.

By Tom Hudson

The industry has been waiting for signs on how the CFPB would approach anything auto. The magazine’s resident legal wiz says the agency has finally tipped its hand.

Tags: BHPH, BHPH dealers, buy-here, CFPB, Consumer Financial Protection Bureau, National Alliance of Buy Here, pay-here

January 2012 - Feature

Tracking F&I Performance

The magazine’s reader survey reveals that average profit per new vehicle retailed still hovers around $800, and that F&I managers are averaging approximately two products per deal.

By Gregory Arroyo

The magazine’s reader survey reveals that average profit per new vehicle retailed still hovers around $800, and that F&I managers are averaging approximately two products per deal.

Tags: acceptance rate, captive finance, E-CONTRACTING, F&I menu, F&I menus, F&I performance, F&I profit, interest rates, product penetration, profit

January 2012 - Feature

A New Game Plan

Dealers have done well to defend themselves against the oncoming blitz of new regulations, but the magazine’s newest compliance expert says there are a few downs left to play.

By Gil Van Over

Dealers have done well to defend themselves against the oncoming blitz of new regulations, but the magazine’s newest compliance expert says there are a few downs left to play.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, Federal Trade Commission, LEGAL, TILA, Truth in Lending Act

January 2012 - Feature

The Case of the Missing Cosigner

The magazine’s resident legal wiz says a reader was right to be suspicious of a buyer whose cosigner only existed on paper. Read on for more details.

By Michael A. Benoit

The magazine’s resident legal wiz says a reader was right to be suspicious of a buyer whose cosigner only existed on paper. Read on for more details.

Tags: cosigner, LEGAL, POA, power of attorney, retail installment contracts

December 2011 - Feature

Arbitrary Enforcement

A landmark Supreme Court decision has helped to clarify the enforceability of arbitration agreements, but several key questions remain.

By Chip Zyvoloski

A landmark Supreme Court decision has helped to clarify the enforceability of arbitration agreements, but several key questions remain.

Tags: arbitration agreements, Compliance, LEGAL

December 2011 - Feature

Just the Facts, Ma’am

After sitting through three roundtables’ worth of tired anecdotes from consumer advocates, the magazine’s legal expert hopes the FTC will keep its word and rely on empirical data before instituting new regulations.

By Michael A. Benoit

After sitting through three roundtables’ worth of tired anecdotes from consumer advocates, the magazine’s legal expert hopes the FTC will keep its word and rely on empirical data before instituting new regulations.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, LEGAL, legislation

November 2011 - Feature

Documenting Doc Fees

Before you roll your next customer, you may want to read what the magazine’s resident legal wiz has to say about doc fees and how they can be defended in court.

By Tom Hudson

Before you roll your next customer, you may want to read what the magazine’s resident legal wiz has to say about doc fees and how they can be defended in court.

Tags: documentation, financial legislation, LEGAL, TILA, Truth in Lending Act

October 2011 - Feature

Mobile Tools Migrating Into Sales and F&I Processes

The pace of mobile technology adoption is quickening, and companies are lining up to help dealers transition to a mobile marketplace. Here’s a breakdown of seven solutions that are available now or will be in the near future.

By Jennifer Washington

The pace of mobile technology adoption is quickening, and companies are lining up to help dealers transition to a mobile marketplace. Here’s a breakdown of seven solutions that are available now or will be in the near future.

Tags: ADP Dealer Services, BMW, BMW Financial Services, DEALERTRACK, Innovative Aftermarket Systems, iPad, iPad Business Applications, Mercedes-Benz, Mercedes-Benz Financial Services, mobile applications, mobile solution, Mobile Website, Reynolds & Reynolds, Warrantech Automotive

October 2011 - Feature

A Tale of Two Agencies

Do you know who your regulator is? The answer may not be as clear-cut as you think. The magazine’s legal wiz weighs in.

By Michael A. Benoit

Do you know who your regulator is? The answer may not be as clear-cut as you think. The magazine’s legal wiz weighs in.

Tags: CFPB, Consumer Financial Protection Bureau, Federal Trade Commission, LEGAL, legislation

October 2011 - Cover Story

Setting the Pace

Meet the seven finalists for F&I Dealer of the Year, the winner of which will be profiled in the magazine’s November issue.

<p>(L-R): Steve Veldkamp, Jodi Nicholson, Raymond Borg and Gary Allgeier on one of The Suburban Collection&rsquo;s lots.</p>

By Gregory Arroyo

Meet the seven finalists for F&I Dealer of the Year, the winner of which will be profiled in the magazine’s November issue.

Tags: F&I Dealer of the Year, F&I Pacesetters, Industry Summit 2011

September 2011 - Feature

4 Social Media Pitfalls to Avoid

The social media sphere offers great opportunities to market your store, but there are several legal traps inherent to this type of viral marketing. Compliance expert reviews four of them in this digital marketing primer.

<p>Dan Kilian and Kristina Reid of Meade Lexus in Southfield, Mich., are using social media to raise the dealership&rsquo;s online profile. But they also have taken steps to remain compliant, adding links to any required disclosure statements.</p>

By Jim Radogna

The social media sphere offers great opportunities to market your store, but there are several legal traps inherent to this type of viral marketing. Compliance expert reviews four of them in this digital marketing primer.

Tags: Compliance, digital compliance, policies and procedures, Social Media, Web Marketing

September 2011 - Feature

4 Ways to Reenergize Your Pitch

Have you ever wondered why your performance levels lag? The magazine’s resident expert knows the answer, and offers a remedy for keeping you on your game.

By Rick McCormick

Have you ever wondered why your performance levels lag? The magazine’s resident expert knows the answer, and offers a remedy for keeping you on your game.

Tags: sales pitches, training

September 2011 - Feature

Spotting by the Book

The magazine’s legal wiz shares a textbook case on what not to do when spot delivering a vehicle.

By Tom Hudson

The magazine’s legal wiz shares a textbook case on what not to do when spot delivering a vehicle.

Tags: Compliance, Fair Credit Reporting Act, Federal Trade Commission, LEGAL

August 2011 - Feature

To Charge or Not to Charge

Can you charge a customer’s down payment to a credit card? The magazine’s legal wiz says the answer has more to do with economics than the law of the land.

By Michael A. Benoit

Can you charge a customer’s down payment to a credit card? The magazine’s legal wiz says the answer has more to do with economics than the law of the land.

Tags: Compliance, credit, down payment, Truth in Lending Act

July 2011 - Feature

More Questions than Answers as CFPB Gets Set to Go Live

The leadership may still be up for grabs at the CFPB, but the newly formed consumer watchdog agency will hit the ground running on July 21.

By Tom Hudson

The leadership may still be up for grabs at the CFPB, but the newly formed consumer watchdog agency will hit the ground running on July 21.

Tags: CFPB, Compliance, Consumer Financial Protection Bureau, finance, LEGAL

June 2011 - Feature

Dealers Guide to Compliance

Before you select your next compliance software tool, read this primer on connecting technology to your dealership’s compliance processes.

<p>The multimillion-dollar settlement against five captive lenders for discriminatory practices early last decade will be fresh in regulators&rsquo; minds for years to come. Dealers who demonstrate a willingness and ability to play within the rules will benefit as auto lending continues its comeback.</p>

By Joe Bartolone

Before you select your next compliance software tool, read this primer on connecting technology to your dealership’s compliance processes.

Tags: Compliance, Consumer Financial Protection Bureau, E-CONTRACTING, electronic document storage, Federal Trade Commission, technology

June 2011 - Feature

Social Policymaking Is Not the Solution

Can the FTC balance what consumer advocates want and what industry reps say is needed? The magazine’s legal wiz says that time will tell.

By Michael A. Benoit

Can the FTC balance what consumer advocates want and what industry reps say is needed? The magazine’s legal wiz says that time will tell.

Tags: Dodd-Frank Act, FEDERAL REGULATION, Federal Trade Commission, Michael Benoit

May 2011 - Feature

5 Steps to Compliance

Building a compliance program doesn’t necessarily require a big investment, but it does take a commitment. Expert lays out a plan for improving your dealership’s level of compliance.

By Jim Radogna

Building a compliance program doesn’t necessarily require a big investment, but it does take a commitment. Expert lays out a plan for improving your dealership’s level of compliance.

Tags: Compliance, policies and procedures

May 2011 - Feature

Impressions From Detroit

Thanks in part to recycled anecdotes from consumer advocates, the industry fared better than expected at the FTC’s first roundtable discussion.

By Tom Hudson

Thanks in part to recycled anecdotes from consumer advocates, the industry fared better than expected at the FTC’s first roundtable discussion.

Tags: Compliance, Federal Trade Commission, LEGAL

May 2011 - Cover Story

Checks and Balances

As the finance director and compliance officer for three stores, Charlene Burch-Heinzig has helped keep her group on the road to success.

<p>Burch-Heinzig is flanked by sales manager and longtime Anderson veteran Jon Godinez, fleet manager Rich Flores and the newest member of the Anderson finance team, Will Pettaway, who was recently promoted from the sales floor.</p>

By Tariq Kamal

As the finance director and compliance officer for three stores, Charlene Burch-Heinzig has helped keep her group on the road to success.

Tags: Compliance, credit unions, dealer, F&I manager, recession

April 2011 - Feature

The FTC Hits the Road

By Michael Benoit

The magazine’s legal wiz questions how easily the Federal Trade Commission can shift gears from enforcement body to policy maker.

Tags: Dodd-Frank Act, Federal Trade Commission, LEGAL, payment packing, spot delivery

March 2011 - Feature

Spot Deliveries: Pitch the Bathwater, Not the Baby

There still is room in auto retail for spot deliveries, but a balance between the needs of dealers and consumer advocates must be struck.

By Tom Hudson, Esq.

There still is room in auto retail for spot deliveries, but a balance between the needs of dealers and consumer advocates must be struck.

Tags: Consumer Financial Protection Bureau, spot delivery

February 2011 - Feature

Pay Plan Reboot

By Lon Leneve

The Department of Labor is gearing up. The question is, will your pay plans be ready? Here's a primer to help you get them up to speed.

Tags: payment plan

January 2011 - Feature

The Hunt for Noncompliant Dealers

The FTC has been poking around at some dealerships in recent months. What is the agency looking for? The magazine’s legal expert weighs in.

By Tom Hudson

The FTC has been poking around at some dealerships in recent months. What is the agency looking for? The magazine’s legal expert weighs in.

Tags: Compliance, Federal Trade Commission

January 2011 - Feature

First Line of Defense

Karina Grile worked overtime to get Voss Auto Network’s stores in line with the industry’s newest rule — one that experts say could be a blessing in disguise.

By Gregory Arroyo

Karina Grile worked overtime to get Voss Auto Network’s stores in line with the industry’s newest rule — one that experts say could be a blessing in disguise.

Tags: Compliance, CoreLogic Credco, DEALERTRACK, Federal Trade Commission, Red Flags Rule, Reynolds & Reynolds, RouteOne, Voss Auto Network, Wolters Kluwer Financial Services

December 2010 - Feature

The Exception is the Rule

F&I’s legal wiz serves up a nice reminder of two federal rules coming down the pike in January. Are you ready?

By Michael A. Benoit

F&I’s legal wiz serves up a nice reminder of two federal rules coming down the pike in January. Are you ready?

Tags: Compliance, DEALERTRACK, Fair and Accurate Credit Transactions Act of 2003, FEDERAL REGULATION, Federal Trade Commission, RouteOne

November 2010 - Feature

Navigating Healthcare Reform

By Christian Bergstrom

Expert breaks down healthcare reform’s first wave of requirements and offers some insight on what to expect in 2011.

Tags: Compliance, healthcare reform

October 2010 - Feature

Is That Legal?

By Michael Benoit

Can you raise the price of a vehicle to cover a high bank fee? Get that answer and more from the magazine’s legal expert.

Tags: Federal Trade Commission, LEGAL, Michael Benoit, Truth in Lending Act

August 2010 - Feature

A Dealer’s Guide to Digital Compliance

The CAN-SPAM Act established rules for commercial e-mail usage, mandates for commercial messages, and put in place e-mail opt-out requirements. It also spelled out tough penalties for violators, with each violating e-mail sent to a consumer subject to a $16,000 penalty.

By Joe Bartolone

The Internet is ripe with opportunities, but it’s also a breeding ground for fines and penalties. Check out this primer on establishing a digital compliance manual for your dealership.

Tags: digital compliance

August 2010 - Feature

Lost in Translation

By Tom Hudson and Michael Benoit

If you think dealers have won exemption from financial reform, read on. The magazine’s legal experts team up to translate this highly anticipated legislation.

Tags: Consumer Financial Protection Bureau, financial legislation, financial reform

June 2010 - Feature

A Bona-Fide Defense

The bona-fide and good-faith precedent was set by two U.S. Supreme Court rulings in 1998. Today, those rulings guide how regulations are written and how organizations comply.

By Jim Lawrence

What exactly does the Federal Trade Commission mean by ‘bona fide’ or ‘good faith’? With the Red Flags Rule set to go live this month, dealer compliance expert provides the answer.

Tags: Compliance, Federal Trade Commission, Red Flags Rule

April 2010 - Feature

Truncation Redux

By Michael Benoit

The magazine’s legal columnist cites two recent cases to provide dealer guidance on the FCRA’s ‘truncation’ requirement.

Tags: Compliance, credit, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, LEGAL

March 2010 - Feature

New Credit Rules Decoded

By Randy Henrick

Risk-Based Pricing Rules represent the latest in consumer-protection regulations, but they aren’t easy to decipher. Compliance expert breaks down the rules and offers some guidance.

Tags: Compliance, credit reports, Credit Scores, Federal Trade Commission, Risk-Based Pricing Notices

March 2010 - Feature

Connecting the Dots

By Tom Hudson

Most legal predicaments dealers find themselves in could have been averted if they'd only connected the dots. The magazine's legal wiz weighs in.

Tags: Compliance, LEGAL

February 2010 - Feature

Time to Uphold Our Job Requirement

By Gregory Arroyo

The verdict on the impact of the Fed's new rule is still out, but its requirements might just be what the doctor ordered for our business.

Tags: Adverse Action Notice, Compliance, Fair and Accurate Credit Transactions Act of 2003, Federal Reserve, Federal Trade Commission, Risk-Based Pricing Notices

February 2010 - Feature

Raising the Odds

By Gregory Arroyo

Three compliance experts attempt to map out a dealer’s best-chance deal. In the end, all roads lead back to compliance.

Tags: Compliance, FEDERAL REGULATION, Federal Trade Commission, Truth in Lending Act

February 2010 - Feature

The Gift That Keeps on Giving

By Michael Benoit

Washington is working overtime these days, so expect 2010 to be a bumpy ride on the regulatory front.

Tags: Chrysler, Fair and Accurate Credit Transactions Act of 2003, Federal Reserve, Federal Trade Commission, General Motors, LEGAL, Michael Benoit, risk-based pricing rule

January 2010 - Feature

Draining the Water From the Moat

By Tom Hudson

Dealers are under fire for selling customers on the now-defunct Tires for Life program — despite ‘word moats’ built into the contract.

December 2009 - Feature

Rebooting the Robocall Rule

By Rob Cohen, Esq.

When the FTC revised its telemarketing rule, it did so to curb the use of robocalls. Compliance expert breaks down the changes.

Tags: Compliance, Federal Trade Commission, robocalls, telemarketing

December 2009 - Feature

Legislative Battle Far From Over

By Michael Benoit

One amendment down, many more to go as automotive dealers face potentially disruptive new regulations.

Tags: Consumer Financial Protection Bureau, LEGAL, Michael Benoit, NADA

September 2009 - Feature

A Dealer’s Guide to Compliant Paperwork

By Joe Bartolone

As most dealers know, paperwork can be a friend and foe. Compliance expert provides his guide for correcting 10 of the most common paperwork errors.

Tags: book-out sheets, Compliance, credit applications, credit reports, Dealer's Guide to Compliant Paperwork, driver's licenses, F&I menus, forms programming, OFAC checks, rebate forms, sales department, used vehicles

August 2009 - Feature

A Difference of Opinion

By Michael Benoit

There are always two sides to any story and this business always benefits from a little intellectual tug of war. That’s why I’ve invited the Center for Responsible Lending’s Josh Frank and Delvin Davis to share the center’s views on HR 2309.

Tags: Federal Trade Commission, HR 2309, LEGAL, Michael Benoit

July 2009 - Feature

4 Threats to F&I

By Michael Benoit

Washington sure can react to a crisis, but the real question is, “How effectively can Washington react to a crisis?” Apparently not well for you, or so pending legislation on Capitol Hill would have us believe.

Tags: LEGAL, legislation, Michael Benoit

June 2009 - Feature

Legislators in Need of Cooling-Off Period

By Michael Benoit

On May 12, Congress held a hearing on a bill that would give the Federal Trade Commission broad new powers to regulate automobile dealers. The bill, H.R. 2309, directs the FTC to adopt rules that prevent unfair and deceptive practices by dealers regarding credit and lending.

Tags: Compliance, LEGAL, Michael Benoit

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