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TAG SEARCH RESULT: Fair and Accurate Credit Transactions Act of 2003

December 2010, F&I and Showroom - Feature

The Exception is the Rule

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

April 2010, F&I and Showroom - Feature

Industry on the Rebound

(Left to right) Thomas Wolfe, president and CEO of Wachovia Dealer Financial Services, John Noone, president of global marketing and sales at Ford Motor Credit Company, and Stephen Lambert, president and CEO of Nissan Motor Acceptance Corp., discuss the state of the auto finance industry during the CEO panel at AFSA’s 14th Annual Vehicle Finance Conference.

By Tony Dupaquier

The mood at this year’s Vehicle Finance Conference was much improved, and lenders are looking to become active once again. However, they will do so with more caution this time around.

Tags: AFSA, dealer, Fair and Accurate Credit Transactions Act of 2003, Federal Trade Commission, Finance, Risk-Based Pricing Rule

April 2010, F&I and Showroom - 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

February 2010, F&I and Showroom - 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, F&I and Showroom - 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

April 2009, F&I and Showroom - Cover Story

12 Hot-Button Issues for 2009

By Terrence O'Loughlin and Justina Ly

As state and federal regulators increase their vigilance of finance transactions, dealers will need to be on high alert when it comes to their F&I processes. Former compliance regulator addresses F&I's brave new world of compliance.

Tags: compliance, Fair and Accurate Credit Transactions Act of 2003, FEDERAL REGULATION, Federal Trade Commission, federal usury cap, spot delivery, used vehicles

January 2009, F&I and Showroom - Feature

The Red Flag Rule

By Gregory Arroyo

Dealers will need to know how to react when a red flag is raised, and will have to document each situation.

Tags: Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, fraud, identity theft, Red Flags Rule, Social Security Numbers

July 2008, F&I and Showroom - Feature

New Disclosure Rule Proposed for Auto Finance Customers

By Michael Benoit

Way back in 2003, Congress passed the Fair and Accurate Credit Transactions Act (FACTA). We’ve talked about it a lot in this column. For us lawyers, it’s the gift that keeps on giving, and it just gave again with the recent proposal for the last of the major rules it mandated.

Tags: compliance, Fair and Accurate Credit Transactions Act of 2003, Federal Reserve, Federal Trade Commission, Legal, Michael Benoit

May 2008, F&I and Showroom - Feature

What’s On Your Receipt?

By Michael Benoit

I’ve mentioned the Fair and Accurate Credit Transaction Act of 2003 (FACTA) several times in this column. You’ll recall that FACTA made significant amendments to the Fair Credit Reporting Act (FCRA), many in ways one may not have expected.

Tags: compliance, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, Federal Trade Commission, Legal, Michael Benoit

December 2007, F&I and Showroom - Feature

Keeping the Matrix Tax Free

By Gregory Arroyo

When people talk about the Internet these days, they say things like, “It’s leveling the playing field.” And just last month I talked about how a dealer used the Internet to verify a customer’s Social Security Number. What’s amazing to me is that not everyone was so hip to the Internet earlier this decade.

Tags: Dealertrack, Editorial Page, F&I Conference & Expo, Fair and Accurate Credit Transactions Act of 2003, Red Flags Rule

November 2007, F&I and Showroom - Feature

31 Reasons to be Worried

By Gregory Arroyo

A post made on Oct. 2 on the magazine’s F&I Forum made me think, “What a great story of a dealer doing it right.” But that was before I talked to Mark O’Neil, CEO of DealerTrack, about something he discussed during his keynote address at the magazine’s September F&I Conference and Expo.

Tags: Dealertrack, Editorial Page, F&I Conference & Expo, Fair and Accurate Credit Transactions Act of 2003, Federal Trade Commission, Red Flags Rule

November 2007, F&I and Showroom - Feature

What’s On Your Receipt?

By Michael Benoit

You may recall the drama that played out in 2003 with regards to renewing certain provisions of the Fair Credit Reporting Act (FCRA). They were set to expire at the end of that year (if you don’t recall, trust me, folks in D.C. were losing sleep over this).

Tags: compliance, Fair and Accurate Credit Transactions Act of 2003, Fair Credit Reporting Act, Legal, Michael Benoit

December 2004, F&I and Showroom - Feature

The Skinny on the FACT Act

By Kimberly Crossley

Although the feds are still determining how to enforce the FACT Act, it will certainly affect all businesses that deal with consumer credit information, including auto dealerships.

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

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Blog

So Here's the Deal

Ronald J. Reahard
Help! My Dealership Is Packing Payments

By Ronald J. Reahard
Top trainer comes to the rescue of an F&I manager who fears an antiquated, discredited, and deceptive sales tactic has taken root at his store.

Sharing the Profit

By Ronald J. Reahard
After losing members of his sales team, a dealer asks the magazine’s resident F&I expert for his take on paying salespeople on F&I income.

Menus Don’t Work Miracles

By Ronald J. Reahard

Avoiding the AAA Objection

By Ronald J. Reahard

Done Deal

Gregory Arroyo
Red Flags Alert

By Gregory Arroyo
The editor believes recent regulatory activity should serve as a warning to dealers who haven’t dusted off their Red Flags compliance programs in the years since the rule took effect.

GAP Suffers Another Setback

By Gregory Arroyo
The editor reveals the truth behind an NPR report critical of the industry’s efforts to undo the Military Lending Act guidance that put the brakes on GAP sales.

Car Buyers Need F&I

By Gregory Arroyo

Protecting F&I’s Future

By Gregory Arroyo

Mad Marv

Marv Eleazer
Readers Are Leaders

By Marv Eleazer
Do you know the minimum amount of tread depth a tire must have for a tire-and-wheel claim to be approved? If you don’t, His Madness has a message for you.

Comply Like Nobody’s Watching

By Marv Eleazer
His Madness wants F&I pros to commit to ethical dealings with customers and finance sources because it’s the right thing to do, not just for the very real threat of reprisal.

'We Never Buy This Stuff'

By Marv Eleazer

Stop Painting Dealers With a Broad Brush

By Marv Eleazer

On the Point

Jim Ziegler
Bound to Fail

By Jim Ziegler
Da Man returns with a message to vehicle manufacturers jumping into the subscription waters: It ain’t gonna happen.

Sharpen Your Survival Skills

By Jim Ziegler
‘Da Man’ has a plan you can use to survive the collapse of the car business and remain profitable through the dealer apocalypse.

Sales Rock Stars Still Exist

By Jim Ziegler

The New Stooges

By Jim Ziegler