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May 2017, F&I and Showroom - Feature

Playing With Fire

©iStockphoto.com/egdigital 

By Christian Scali and Monica Baumann

Two attorneys issue a warning about a new sales trick circulating through the industry. Their advice: If it’s too good to be true, it probably is.

Tags: compliance, Consumer FInancial Protection Bureau, digital marketing, digital retailing, Eric Schneiderman, fraud, FTC Act, Internet Leads, NY Attorney General, payment packing, sales, UDAP

May 2017, F&I and Showroom - Feature

Credit App Fraud Not a Victimless Crime

By Gil Van Over

Falsifying any of the five key credit determinants on a credit application generates a long list of potential victims inside and outside the dealership.

Tags: auto finance, compliance, Credit Applications, F&I process

April 2017, F&I and Showroom - Feature

Navigating the 'New' Used Car Buyer’s Guide

By Gil Van Over

The magazine’s compliance guru breaks down the Federal Trade Commission’s final revisions to the Used Car Rule. His message to dealers is don’t overthink it.

Tags: compliance, CPO, Federal Trade Commission, service contract, Used Car Buyer's Guide, Used Car Rule, warranty

March 2017, F&I and Showroom - Feature

Remote Deliveries: Proceed With Caution

By Gil Van Over

When it comes to out-of-state deliveries, the magazine’s resident compliance guru says proceed with caution. He lays out a simple process for guarding your dealership against ID thieves.

Tags: compliance, digital retailing, F&I process, online F&I, Red Flags Rule, Remote Deliveries

March 2017, F&I and Showroom - Feature

The Rising Cost of Noncompliance

Ken Suprenant 

By Ken Suprenant

Compliance expert says the propagation of rules and escalation of enforcement should persuade more dealers to invest in basic compliance safeguards.

Tags: compliance, National Credit Center, OFAC checks, Red Flags Rule, Safeguards Rule

February 2017, F&I and Showroom - Feature

Treat Red Flags Like Subprime Stips

By Gil Van Over

Well-meaning F&I managers can unwittingly clear a Red Flag before it is actually cleared. Compliance expert has a simple plan to button up your documentation process.

Tags: compliance, F&I manager, Red Flags Rule, Stips, subprime

January 2017, F&I and Showroom - Feature

Naïve, Sloppy or Kinky?

By Gil Van Over

There isn’t much the magazine’s compliance pro hasn’t seen. In fact, he’s got a category for every type of issue he’s come across in his more than 15 years auditing deal jackets.

Tags: compliance, F&I, Truth in Lending Act

December 2016, F&I and Showroom - Feature

4 Compliance Predictions for 2017

By Gil Van Over

The magazine’s compliance pro dusts off his crystal ball to offer a few predictions for 2017. If he’s correct, F&I offices could be in for a challenging year.

Tags: CFPB, compliance, Negative Equity, subprime

November 2016, F&I and Showroom - Feature

Formalized and Documented

By Gil Van Over

The magazine's compliance pro believes the FTC may soon take a page out of the CFPB's playbook when it comes to regulating dealers. He explains how dealers can get prepared.

Tags: CFPB, compliance, F&I, FTC

September 2016, F&I and Showroom - Feature

Debating F&I's Future

Think Tank was the ninth and final session of the magazine’s F&I Think Tank, a one-day event that took place this past May in Tampa, Fla. Moderated by American Guardian’s Bob Harkins, the panel featured (l-r) ‘Mad’ Marv Eleazer of Langdale Ford Co., Luis Garcia of Avid Insurance, and attorney and former F&I manager Eric Judson.

By Tariq Kamal

This past May, top producers and thought leaders took part in a no-holds-barred debate over how the industry must change to meet the needs and expectations of today’s car buyers.

Tags: compliance, Ethical F&I Managers, F&I process

August 2016, F&I and Showroom - WebXclusive

Magazine Offers Details on Compliance Summit Program

By Tariq Kamal

Scheduled for Aug. 29-30, Compliance Summit is designed to deliver a crash course in federal regulations and enforcement action to help dealers, agents and industry execs build sustainable sales and F&I processes without sacrificing productivity and profitability.

Tags: ARMD resource Group, CNA National, Compli, compliance, Compliance Summit, Dealer Compliance Consultants, EFG COmpanies, F&I Express, gvo3 & Associates, Mosaic Compliance Consultants, NFADA, Reynolds & Reynolds, The Warranty Group, Total Dealer Compliance, UDS

August 2016, F&I and Showroom - WebXclusive

Certified for the Future

By James S. Ganther, Esq.

The magazine’s compliance pro breaks down Compliance Summit’s new certification component. He explains how it’s designed to address the industry’s true regulator.

Tags: CFPB, compliance, Compliance Summit, F&I manager, FTC, James Ganther

June 2016, F&I and Showroom - Feature

Vital Signs

By Tom Hudson

The magazine’s resident legal wiz explains how a simple deal jacket review can offer a compelling case for a full compliance checkup.

Tags: compliance, Deal Jacket Review, Legal

June 2016, F&I and Showroom - Feature

Hanging in the Balance

With moderator Robert Harkins looking on, Mosaic Compliance Services’ Jim Ganther offered his take on what the November elections could mean to the men and women manning the F&I office. If a Democrat is elected president, he said, the Consumer Financial Protection Bureau’s fair lending crackdown could intensify.

By Gregory Arroyo

The compliance gurus at F&I Think Tank agreed that a lot is riding on the outcome of November’s presidential elections — including the fate of the F&I department.

Tags: Adverse Action Notice, CFPB, compliance, Dealer Summit, F&I products

March 2016, F&I and Showroom - Feature

4 Social Media Landmines

Photo courtesy of iStock.

By Eric Gandarilla

Dealership expert identifies four common landmines dealers run into when marketing on social media, and offers recommendations for staying out of the crosshairs of regulators.

Tags: CFPB, compliance, FTC, Policies, Social Media

December 2015, F&I and Showroom - Cover Story

The Year Ahead: Part One

By David Nathanson

Dealer operations expert puts 2015 in the rearview mirror and identifies trends in sales, compliance and recalls that will affect dealers in 2016.

Tags: AutoNation, compliance, SAAR, Sonic Automotive, vehicle recall

November 2015, F&I and Showroom - Feature

Pressure Cooker

The NADA’s Andrew Koblenz detailed the industry’s more than four-year odyssey to protect dealer-assisted financing. He said although the CFPB is no longer bent on eliminating dealer participation, the industry’s campaign against regulatory overreach isn’t over.

By Gregory Arroyo

Speakers at Industry Summit 2015 say regulatory pressures are forcing the industry to confront deep-rooted issues that have plagued showrooms and F&I offices.

Tags: compliance, F&I, Industry Summit

October 2015, F&I and Showroom - Feature

7 Compliance Myths Debunked

By Jim Radogna

The magazine’s compliance expert tackles some pervasive regulatory myths surrounding the F&I office.

Tags: compliance, credit reports, F&I training

September 2015, F&I and Showroom - Feature

House of Straw

By Eric Judson

The magazine’s from-the-trenches columnist provides a reminder that a straw purchase is a violation of federal law, no matter how willing the buyer and the ‘straw man’ are.

Tags: Auto Lending, Auto Loans, Banks, compliance, defrauding, straw buyer

April 2015, F&I and Showroom - Feature

5 Steps to Data Security

By David Nathanson

Big data is no longer just an asset; it can also be a liability. Retail expert shares five simple steps to keeping your data safe and preventing your dealership from becoming a statistic.

Tags: compliance, Data, data protection, PERSONAL IDENTIFICATION INFORMATION

February 2015, F&I and Showroom - Feature

Passing the Compliance Test

By John Lovin

The current regulatory environment demands that dealers take a good hard look at their processes and policies. F&I pro offers some recommendations.

Tags: Auto Lending, compliance, Consumer FInancial Protection Bureau, Dodd-Frank Act, Regulations, vehicle service contracts

January 2015, F&I and Showroom - Feature

The D.R.I.I.L. That Kills

By Jim Maxim Jr.

Menu expert says technology can’t solve everything. He breaks down five behaviors that can doom a dealership’s bottom line.

Tags: compliance, F&I manager, F&I products, mobile menu, technology

January 2015, F&I and Showroom - Feature

‘Best’ Is Not Always Best

By David Robertson

AFIP’s executive director reminds us why the word “best” should be avoided when discussing financing or lease rates with customers.

Tags: AFIP, compliance, Credit Scores, David Robertson, interest rates

November 2014, F&I and Showroom - Feature

What’s on the Menu?

By Brittany-Marie Swanson

The Mad Marv-moderated compliance panel at Industry Summit 2014 addressed supposed menu-governing regulations, the hybrid manager, tablet menus and the CFPB.

Tags: AFIP, compliance, Damon Wiener, David Robertson, F&I menus, Hudson Cook LLP, Industry Summit, James Ganther, Mad Marv, Matt Nowicki, mobile menu, Mosaic, Tom Hudson

October 2014, F&I and Showroom - Feature

4 Steps to CFPB Compliance

By David Childers and Patty Covington

Compliance pros lay out a plan for keeping regulators at bay. If followed, the four-step plan may also help with a dealership’s customer-retention efforts.

Tags: CFPB, compliance, Regulations

August 2014, F&I and Showroom - Feature

Handling Skittish Customers

By David Robertson

Asking customers to divulge sensitive information about themselves can sometimes lead to a polarizing exchange between the F&I manager and customer. The magazine’s compliance insider offers a few ways to put customers at ease.

Tags: AFIP, compliance, PERSONAL IDENTIFICATION INFORMATION

July 2014, F&I and Showroom - Feature

Codifying Common Sense

By David Robertson

Whether you believe it or not, most rules and regulations weren’t designed to make your life miserable. The magazine’s resident compliance expert says we can only blame ourselves.

Tags: AFIP, compliance, F&I products, FEDERAL REGULATION

June 2014, F&I and Showroom - Feature

Are You in Good Hands?

By Jim Radogna

Think your insurance company will cover your dealership’s compliance shortcomings? The magazine’s compliance expert examines recent litigation involving a major dealer group that suggests otherwise.

Tags: compliance, false advertisements, insurance, Lawsuit, Sonic Automotive, UDAP

May 2014, F&I and Showroom - Feature

Thievery Loves Company

By David Robertson

The magazine’s compliance expert delves into the motivations of wrongdoers and offers a reminder that no crime is insignificant.

Tags: compliance, F&I sales, fraud

January 2014, F&I and Showroom - Feature

Raising the Stakes

By David Robertson

Industry insider says the current regulatory environment demands that dealers take a new approach to compliance.

Tags: compliance, compliance officer, Red Flags Rule

January 2014, F&I and Showroom - Feature

10 Regulatory Hot Spots for 2014

By George Angus

The “Father of the F&I Menu” offers his list of 10 regulatory hot spots for 2014, several of which fall outside of the F&I manager’s jurisdiction.

Tags: CFPB, compliance, Consumer FInancial Protection Bureau, Deceptive Practices, discrimination, Dodd-Frank Wall Street Reform and Consumer Protect, Federal Trade Commission, payment packing

December 2013, F&I and Showroom - Feature

Risky Business

By David Robertson

Industry insider issues a warning to finance sources that restrict a dealer’s freedom to choose which F&I products are offered to car buyers.

Tags: AFIP, Aftermarket Products, compliance, David Robertson, Franchised Dealerships, lenders

December 2013, F&I and Showroom - Feature

Provide, Preserve, Protect

By Gerry Gould

Top trainer says the issues dividing most sales and F&I departments could be solved if compliance wasn't an F&I-only concern.

Tags: compliance, Disclosures, F&I menus, F&I sales, Gerry Gould

November 2013, F&I and Showroom - Feature

Sizing Up the CFPB’s Threat

The NADA’s David Westcott says a move to a flat-fee system would hurt consumers, not just dealers.

By Gregory Arroyo

The F&I Conference’s compliance panel offered up more questions than answers, but participants made clear the industry’s newest regulator has plenty of tools at its disposal.

Tags: CFPB, compliance, Consumer FInancial Protection Bureau, David Westcott, discrimination, Dodd-Frank Act, NADA, National Automobile Dealers Association, Terry O'Loughlin

November 2013, F&I and Showroom - Feature

Alphabet Soup

By Nikki Munro

The CFPB, FRB and DOJ joined forces to host a fair lending webinar. The latter two shed some light on their approach to determining rate discrimination, but the CFPB’s standards for determining disparate impact remain a mystery.

Tags: CFPB, compliance, Consumer FInancial Protection Bureau, discrimination, Regulations

March 2013, F&I and Showroom - Feature

Shopping for Answers

Dick Hannah Dealerships, the magazine’s 2012 F&I Dealer of the Year, allows visitors of its website to read “Understanding Vehicle Financing,” a guide produced by the NADA and the American Financial Services Association. The Federal Reserve and the Vehicle Protection Association also offers great information dealers can post to their websites.

By Ronald J. Reahard

The magazine’s F&I expert says it’s time to stop complaining about the Internet, and offers a four-step process for turning the Internet into an ally of the F&I office.

Tags: compliance, Ron Reahard

March 2013, F&I and Showroom - Feature

The Full Monty

By James S. Ganther, Esq.

Unless your dealership’s compliance outfit is covering every requirement, your store is leaving itself at risk. Our dealership compliance expert explains.

Tags: Audit, auto dealer, compliance, Dealership, F&I, James Ganther, The Fully Monty, training

December 2012, F&I and Showroom - Feature

Dumpster Diving

By Tom Hudson

The FTC recently slapped a finance company with a $100,000 fine for violating a requirement that’s been on the books for several years. The magazine’s resident legal wiz weighs in.

Tags: compliance, Disposal Rule, FTC, PLS Financial Services, The Payday Loan Store, Tom Hudson

October 2012, F&I and Showroom - Feature

Paper Trails

By Gil Van Over

Things don’t always go smoothly in the daily grind of dealership life. That’s why a good paper trail is critical to keeping your store out of the crosshairs of hungry plaintiffs’ attorneys.

Tags: auto dealer, compliance, F&I, Gil Van Over, Legal, plaintiff's attorney

May 2012, F&I and Showroom - Feature

Facts, Anyone?

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

January 2012, F&I and Showroom - Feature

Updated: True Controversy

By Gregory Arroyo

TrueCar is taking fire from dealers, trainers and state motor vehicle boards, but its embattled founder says the company will survive.

Tags: compliance, Internet Leads, lead generation, TrueCar

January 2012, F&I and Showroom - Feature

A New Game Plan

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

December 2011, F&I and Showroom - Feature

Arbitrary Enforcement

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, F&I and Showroom - Feature

Just the Facts, Ma’am

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

September 2011, F&I and Showroom - Feature

4 Social Media Pitfalls to Avoid

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

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, F&I and Showroom - Feature

Spotting by the Book

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, F&I and Showroom - Feature

To Charge or Not to Charge

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, F&I and Showroom - Feature

More Questions than Answers as CFPB Gets Set to Go Live

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, F&I and Showroom - Feature

Dealers Guide to Compliance

The multimillion-dollar settlement against five captive lenders for discriminatory practices early last decade will be fresh in regulators’ 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.

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

May 2011, F&I and Showroom - Feature

5 Steps to 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

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Blog

So Here's the Deal

Ronald J. Reahard
Trading Rate for Product

By Ronald J. Reahard
A reader wonders if a scenario exists where trading rate for product doesn’t cross that invisible legal line. The magazine’s resident F&I pro weighs in.

(Video) Discussing the Risk-Based Pricing Rule

By Ronald J. Reahard
The magazine’s resident F&I pro takes on a question about the Risk-Based Pricing Rule and its widely used exception notice.

(Video) Timing F&I

By Ronald J. Reahard

(Video) Handling Remote Deliveries

By Ronald J. Reahard

Done Deal

Gregory Arroyo
Generationally Speaking

By Gregory Arroyo
What was supposed to be a listen-and-learn assignment turns into fodder for the editor’s monthly page, and he thinks you’ll understand why.

Credit Crisis or Market Rationalization?

By Gregory Arroyo
Delinquencies are rising and auto finance sources are responding. But the editor wonders if there’s something else at play.

How to Lose a Customer

By Gregory Arroyo

Resistance Isn’t Always Futile

By Gregory Arroyo

Mad Marv

Marv Eleazer
What’s the Rush?

By Marv Eleazer
When you’re having fun, the hours go by like minutes. His Madness shares advice for improving the car-buying experience.

Debating the Chargeback

By Marv Eleazer
Everyone has an opinion on how to limit chargebacks. His Madness delves into the passionate debate over how they're applied.

Simple Is as Simple Does

By Marv Eleazer

Finding Pleasantville

By Marv Eleazer

On the Point

Jim Ziegler
The New Stooges

By Jim Ziegler
The Alpha Dawg predicts that the latest round of technology disrupters will deliver more missed opportunities than closed deals.

Is Your Quick Lube Driving Away Business?

By Jim Ziegler
‘Da Man’ goes undercover to investigate how the national oil change shops are using underhanded tactics like efficiency, training and friendliness to steal your service business.

Who Shot the Dealer?

By Jim Ziegler

Stop Flushing Those Ad Dollars

By Jim Ziegler