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Compliance

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July 22, 2014 - Industry News

RouteOne to Cover Regulator Scrutiny of F&I Products in Upcoming Webinar

RouteOne attorney Joseph Karam and National Business Development Manager Jesse Pappas will discuss the forthcoming scrutiny of F&I products by the CFPB and the FTC during a webinar on July 23.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, F&I Products, Federal Trade Commission, FTC, RouteOne, webinar

July 22, 2014 - Industry News

Gould to Address Cash, Lease Deals

Gerry Gould returns to the magazine’s annual conference to lead a workshop on maximizing cash and lease deals in the F&I office. He’ll offer product recommendations, break down ideal menu configurations and will cover key word-tracks and responses to common customer objections.

Tags: cash conversion, F&I Conference & Expo, Industry Summit 2014, Lease Penetration

July 18, 2014 - Industry News

Nomination Deadline for F&I Dealer of the Year Extended

F&I and Showroom has extended the deadline to nominate dealers for its F&I Dealer of the Year award to Friday, July 25.

July 17, 2014 - Industry News

Credit Union Pulls Ad Campaign Slamming Rate Markups

In a campaign designed to warn car buyers about rate markups, Space Coast Credit Union compares the practice to restaurant customers being charged exorbitant amounts of money for food based on arbitrary physical features.

Almost a month after launching a campaign critical of rate markups, Space Coast Credit Union has pulled all ads and associated videos. The campaign had compared rate markups to a restaurant charging customers more for food based on arbitrary physical features.

July 17, 2014 - Industry News

‘King of Lemon Laws’ Celebrates Tesla Settlement

Attorney Vince Megna celebrated the $126,836 settlement he reached with Tesla on behalf of a Wisconsin man by posting a humorous video to his YouTube channel. It was the first lemon law case brought against the electric-vehicle maker.

Tags: lawsuit, lemon law, settlement, Tesla Motors

July 15, 2014 - Industry News

Owners of 8 N.J. Dealerships Reach $1.8M Settlement For Deceptive Practices

In addition to paying civil penalties and reimbursements to the state, the owners of the dealerships must work to resolve 45 consumer complaints. This is the second such settlement the dealers have reached with the state.

Tags: Deceptive Advertising, deceptive practices, New Jersey, settlement

July 8, 2014 - Industry News

Ohio AG Seeks Reimbursement from Dealer

Calland Auto Group and its owner are accused of failing to provide consumers with motor vehicle titles as required by Ohio law. The Ohio Attorney General seeks reimbursement to the state’s Title Defect Recision Fund.

Tags: lawsuit, Ohio, Ohio Attorney general, vehicle title

July 3, 2014 - Industry News

BBB Warns Consumers of Fake Dealership

Customers reported that they found listings for the dealership on Cars.com, but the dealer was using a fake address.

Tags: BBB, Cars.com, fraud

July 3, 2014 - Industry News

Tesla to Expand in Pennsylvania

The Pennsylvania House passed legislation this week that will allow the automaker to have as many as five stores in the state.

Tags: legislation, Pennsylvania, Tesla Motors

July 1, 2014 - Industry News

Kansas City Dealer to Seek Permanent ACA Exemption

Following Monday's Supreme Court ruling in favor of Hobby Lobby, the owner of Randy Reed Automotive will seek a permanent injunction exempting him from providing insurance coverage for the 'morning after' pill.

Tags: lawsuit, Obama administration, the morning after pill

June 26, 2014 - Industry News

11 Consumer Groups Ask FTC to Crack Down on CarMax

A coalition of consumer-protection groups asked the FTC to investigate CarMax for selling recalled vehicles. CarMax officials claim the chain is doing the best it can with a broken system.

Tags: CARMAX, consumer advocates, Deceptive Advertising, Federal Trade Commission, recall

June 26, 2014 - Industry News

Dealer Pleads Guilty to Not Reporting Taxes

A Virginia independent dealer is facing three years in prison after being found guilty of not reporting income between 2007 and 2010. Sentencing takes place in September.

Tags: fraud, tax fraud

June 19, 2014 - Industry News

CFPB to Release White Paper on Proxy Methodology

During the CFPB’s semi-annual report to the House Financial Services Committee, Director Richard Cordray said the agency will be releasing a white paper on the methodology it uses to determine the presence of discrimination in auto loans.

Tags: CFPB, Consumer Financial Protection Bureau, discrimination, Richard Cordray

June 19, 2014 - Industry News

Tesla Makes Strides on East Coast

This week, New York Governor Cuomo signed a pro-Tesla bill into law. The New Jersey Assembly also voted to allow manufacturers to directly sell zero-emissions vehicles to consumers.

Tags: electric vehicles, legislation, New Jersey, New York, Tesla Motors

June 19, 2014 - Industry News

Dealerships to Pay $175K For Deceptive Ads

Four affiliated dealerships in western Massachusetts have agreed to pay $175,000 over six months to resolve allegations that they regularly published misleading advertising and failed to follow through on sales prices and promotions.

Tags: attorney general, Deceptive Advertising, fine, Massachusetts

June 12, 2014 - Industry News

House Committee Votes to Repeal CFPB Auto Lending Guidance

The House Financial Services Committee passed a bill this week that would bring more transparency to the CFPB’s guidance-making process. If approved by Congress, it would effectively repeal the bulletin the bureau issued last year on indirect auto lending.

Tags: auto lending, CFPB, compliance, Consumer Financial Protection Bureau, legislation

June 12, 2014 - Industry News

Dealer Charged With Abandoning Burning Lamborghini

Police identified the man who abandoned a burning 2008 Lamborghini Murcielago on the New Jersey Turnpike as the CEO and president of an auto group.

Tags: New Jersey

June 12, 2014 - Industry News

Dealer Settles Complaint Regarding Collections Practices

The Idaho Attorney General has reached an agreement with a dealership that will prohibit it from engaging in harassing debt collection or repossession acts or practices. The dealership also resolved several consumer complaints.

Tags: attorney general, compliance, debt collection, repossessions, settlement

June 9, 2014 - Industry News

Dealer Ordered to Pay $50K for VSC Fraud

A dealership manager was ordered to pay at least $50,000 for keeping money given to him by customers for extended service contracts.

Tags: extended warranties, fraud, Service Contracts

June 9, 2014 - Industry News

7 Financial Organizations Back Disparate Impact Amendment

Rep. Scott Garrett’s amendment to H.R. 4660 would prohibit funds made available by the act from being used for litigation that relies on the disparate impact theory.

Seven financial organizations issued a letter to the U.S. House of Representatives on May 29 in support of an amendment to an appropriations bill that would limit Justice Department litigation relying on the disparate impact theory of discrimination.

Tags: amendment, Consumer Financial Protection Bureau, Department of Justice, discrimination, disparate, legislation

June 9, 2014 - Industry News

Average Vehicle Age Remains Steady at 11.4 Years

The combined average age of all light vehicles on the road in the U.S. remained steady at 11.4 years. IHS says the average age is likely to remain at 11.4 years through 2015.

Tags: IHS Automotive

June 3, 2014 - Industry News

NADA Study: Federal Rules Cost Dealerships More Than $3 Billion Each Year

According to a report commissioned by the NADA, the average dealership incurred $182,754 in costs to comply with federal mandates in 2012.

Tags: compliance, dealer cost, NADA, National Automobile Dealers Association, study

May 29, 2014 - Industry News

CPS to Pay $5.5 Million to Settle FTC Charges

The FTC charged the subprime finance source with using illegal tactics to service and collect on consumer loans, including collecting money consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family and employers.

Tags: Collections, CPS, FTC, Subprime Auto Finance

May 29, 2014 - Industry News

CFPB Engaged in Fair-Lending Actions Against Six Auto Lenders

Citing an unnamed source, Auto Finance News reported earlier this month that the CFPB is engaged in fair-lending actions against six finance sources. Bureau officials decline to comment.

May 27, 2014 - Industry News

Congress Votes to End Dealer Paperwork Requirement

The U.S. Senate unanimously approved a bill last week that eliminates a provision in the Clean Air Act that requires dealers issue a certificate to consumers that confirms a vehicle’s compliance with the law.

Tags: Clean Air Act, legislation, National Automobile Dealers Association

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