June 30, 2015 - Industry News
The former owner and operator of Costa Mesa Bellagio Motors, a car dealership that specialized in buying and selling high-end luxury vehicles, was sentenced this week after pleading guilty to embezzling more than $2 million from unsuspecting customers.
Tags: compliance, embezzlement, fraud, luxury vehicles, prison
The NADA official who has spearheaded the association's efforts to protect franchised dealers from federal regulatory overreach will be at Industry Summit 2015 to deliver a keynote address, event organizers announced this week.
Tags: Andy Koblenz, CFPB, Disparate Impact, National Automobile Dealers Association
Two auto dealers in Las Vegas agreed to settle FTC charges that they used deceptive ads to promote the sale or leasing of their vehicles, including advertising heavily discounted prices that were not generally available to consumers.
Tags: Deceptive Advertising, Federal Trade Commission, settlement
June 25, 2015 - Industry News
Hudson Cook has announced the addition of Rebecca E. Kuehn as a partner in its Washington, D.C. office.
Tags: compliance, Federal Trade Commission, hiring, Hudson Cook LLP, Tom Hudson
In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who believed a ruling against the controversial legal theory would put a kibosh on the CFPB’s actions in auto lending.
Tags: Ally Financial, CFPB, Consumer Financial Protection Bureau, Disparate Impact, fair lending, Supreme Court
Protective Asset Protection was named a Platinum winner in the vehicle service contract provider category of Auto Dealer Monthly’s 2015 Dealers’ Choice Awards.
June 23, 2015 - Industry News
The two firms announced today that they have expanded their relationship to provide dealers and their F&I offices with a fully integrated income and employment verification solution.
Tags: 700Credit, Employment Verification, Equifax, F&I manager, F&I office, Income Verification
A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who were affected by Ally’s alleged discriminatory auto lending policies.
Tags: Ally Financial, auto lending, Consumer Financial Protection Bureau, Department of Justice, discrimination, Disparate Impact, fair lending, regulations, settlement
June 18, 2015 - Industry News
The New Jersey Division of Consumer Affairs has reached a $135,000 settlement with Bergen Auto Enterprises, which does business as Wayne Mazda and Wayne Auto Mall Hyundai. The dealerships were accused of engaging in deceptive business and advertising practices.
Tags: compliance, Deceptive Advertising, deceptive practices, New Jersey, settlement
June 17, 2015 - Industry News
Attorney General Eric Schneiderman, which announced on Wednesday a $14 million settlement with three Paragon dealerships, says he intends to file suit against 11 additional dealerships for the unlawful sale of credit repair and identity theft-prevention products.
Tags: attorney general, credit repair, Eric Schneiderman, F&I office, F&I products, identify theft, Payment Packing
The Consumer Financial Protection Bureau has sued auto loan company Security National Automotive Acceptance Company for aggressive and misleading debt collection tactics against military service members.
Tags: CFPB, debt collection, Military Buyers, SNAAC, veterans
Eyewitness Surveillance announced the launch of a beta program for three products designed specifically for dealerships.
Tags: chat service, Customer Service, finance, Service Department
June 11, 2015 - Industry News
The CFPB finalized last week its proposal to oversee nonbank auto finance companies. The finalized rule, which left out recommendations submitted by an auto finance trade group, will take effect 60 days after publication in the Federal Register.
Tags: American Financial Services Association, auto finance, CFPB, Consumer Financial Protection Bureau, nonbank auto finance
An Arkansas auto dealer and its owners have agreed to pay a $90,000 civil penalty to settle Federal Trade Commission charges that they failed to display a “Buyers Guide” on used vehicles offered for sale.
Tags: Arkansas, Buyers Guide, Federal Trade Commission, FTC
June 10, 2015 - Industry News
The CFPB finalized today its proposal to oversee nonbank auto finance companies. The finalized rule will take effect 60 days after publication in the Federal Register.
Tags: auto lending, auto loans, CFPB, Consumer Financial Protection Bureau, regulations, Richard Cordray
Federal prosecutors have accused the general manager of Serra Nissan of directing dealership employees to falsify sales reports to receive incentive payments from the manufacturer. Earlier in the week, the dealership’s controller was arrested for fraud.
Tags: fraud, Nissan, U.S. Attorney
June 9, 2015 - Industry News
After three months with no response, Attorney General Eric T. Schneiderman has filed a motion to force a New York dealer group to comply with a subpoena issued by the AG’s office in March. The dealer group is accused of “jamming” credit repair contracts into vehicle sales and leases.
Tags: attorney general, F&I products, New York, Payment Packing, subpoena
June 4, 2015 - Industry News
The House passed an amendment Wednesday that would bar the Department of Justice from using funds for litigation in which the regulator seeks to apply the disparate impact theory.
Tags: amendment, CFPB, Consumer Financial Protection Bureau, Department of Justice, Disparate Impact, legislation
June 3, 2015 - Industry News
A U.S. District Court has ruled that, because of his religious beliefs, Joseph B. Holland, Jr. does not have to offer coverage of the morning after pill to employees of Joe Holland Chevrolet.
Tags: Barack Obama, birth control, lawsuit, Obama administration, the morning after pill
Michigan Secretary of State Ruth Johnson has suspended the licenses of five Detroit used-vehicle dealers after an investigation uncovered multiple fraudulent acts, including the sale of cars containing stolen parts and record-keeping violations.
Tags: compliance, fraud, Michigan, vehicle title
June 2, 2015 - Industry News
The Federal Trade Commission released updated guidance regarding endorsements and testimonials. It addresses topics such as Twitter endorsements, Facebook 'Likes' and YouTube videos.
Tags: Facebook, fake reviews, FTC, Guidelines, online advertising, social media marketing, twitter, YouTube
The Federal Trade Commission has approved final consent orders which prohibit Jim Burke Nissan of Birmingham, Ala., and Ross Nissan of El Monte, Calif., from deceptively advertising the sale, financing and leasing of their vehicles.
Tags: Deceptive Advertising, Federal Trade Commission, FTC, Truth in Lending Act
May 28, 2015 - Industry News
U.S. Bank told dealers this week that it’s monitoring how they price F&I products. If its monitoring program finds ‘unexplained differences in pricing or excessive add-on product financing on a prohibited basis,’ dealers will be asked to provide an explanation.
Tags: CFPB, Consumer Financial Protection Bureau, F&I products, Hudson Cook LLP, Nikki Munro, Rick Hackett, U.S. Bank
More than 50 members of Congress have signed a letter urging the CFPB to issue new rules to eliminate the use of forced arbitration clauses in consumer financial service contracts.
Tags: arbitration, arbitration agreements, CFPB, Congress, Consumer Financial Protection Bureau, Tom Hudson
Compliance technology provider SecureClose has announced a new strategic alliance with marketing agency KISS Concepts Group to represent its technology solutions to independent dealerships and finance companies throughout the United States.
Tags: compliance, KISS Concepts Group, marketing
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