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Compliance

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September 2, 2015 - Industry News

Dealer to Pay $12,500 Fine for Illegal Leasing Practices

Credit Connection Auto Sales in central Pennsylvania has settled with the state’s attorney general for allegedly leasing vehicles that needed a considerable amount of repair work and using lease agreements that did not comply with federal law.

Tags: attorney general, Pennsylvania, settlement, vehicle leasing

September 1, 2015 - Industry News

CNCDA Says Tesla’s Referral Program Violates Bird-Dogging Ban

Photo via Flickr.

The California New Car Dealers Association has called on the California Department of Motor Vehicles to investigate Tesla Motors’ referral program, which the trade groups said constitutes “bird-dogging.”

Tags: California New Car Dealers Association, CNCDA, Compliance, Tesla, Tesla Motors

August 27, 2015 - Industry News

Consumer Complaints Hit 677,000, CFPB Reports

The Consumer Financial Protection Bureau has received more than 677,000 consumer complaints as of August 1, according to the bureau’s monthly consumer complaints snapshot. The biggest increase was in credit reporting complaints.

Tags: CFPB, consumer complaints, Consumer Financial Protection Bureau, credit, credit reports, credit scores

August 21, 2015 - Industry News

Gould, Romani Discuss Industry Summit's 2015 Program

F&I Trainers Gerry Gould and Fernando Romani discuss Industry Summit's 2015 program (www.industrysummit.com). They also talk about what attendees can expect from their "Actions Speak Louder Than Words" workshop on Wednesday, Sept. 9, at 10:40 a.m.

Tags: F&I manager, F&I products, F&I Tip of the Week, Fernando Romani, Gerry Gould, UDS

August 13, 2015 - Industry News

FTC Closes Antitrust Case Against Dealers, TrueCar Says

In a regulatory filing this week, TrueCar said it considers a federal antitrust case against dealers to be closed. The FTC was looking into whether dealers refusing to do business with the car-shopping site back in 2011 and 2012 violated the FTC Act.

Tags: antitrust, Brian Maas, California New Car Dealers Association, CNCDA, Federal Trade Commission, FTC, lawsuit, TrueCar

August 12, 2015 - Industry News

Ohio AG Sues Used-Car Dealer for Title Violations

AMG Auto Connection and its owner are accused of violating Ohio’s Certificate of Motor Vehicle Title Act after the dealership failed to deliver a car title in the time frame required by law.

Tags: attorney general, Compliance, lawsuit, Mike DeWine, Ohio, Ohio Attorney general, vehicle title

August 11, 2015 - Industry News

CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.

Tags: auto lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Rate Markup, Santander Consumer USA

August 11, 2015 - Industry News

Compliance, CFPB to Take Center Stage at Industry Summit

Industry Summit 2015 will feature three workshops and two panel discussions that will address the current regulatory climate, provide a review of the current rules and regulations, and provide practical tips on how F&I managers can make compliance work for them.

Tags: Andy Koblenz, CFPB, Compliance, Department of Justice, Industry Summit, NADA

August 6, 2015 - Industry News

CFPB Urges Fifth Third Bank to Cap Dealer Markup

Source: Flickr

The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.

Tags: auto lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, DOJ, Fifth Third Bank, Honda Financial Services, Rate Markup, settlement

August 5, 2015 - Industry News

Bill Aimed at Texas Reinsurance Regulations to Become Law

A bill supported by GSFSGroup will become law on Sept. 1, effectively aligning Texas reinsurance law more closely with regulations in other states.

Tags: GSFSGroup, legislation, Reinsurance

August 4, 2015 - Industry News

Firm Suing TrueCar Files Second Mass Action Lawsuit

The firm that filed a mass action lawsuit against TrueCar in March has filed a second suit against the car-shopping site, this time on behalf of current TrueCar subscribers.

Tags: Bellavia Blatt, broker, California New Car Dealers Association, CNCDA, deceptive practices, lawsuit, Leonard Bellavia, TrueCar

July 30, 2015 - Industry News

Penske: Honda Rate Cap Provides ‘Workable Framework’

This week, Penske Automotive’s chairman said that Honda Financial Corp’s new markup cap will still allow dealers to be fairly compensated. He also noted that the dealer group has had markup caps in place for years.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, e-commerce, Honda Financial Services, Penske Automotive Group, Roger Penske

July 30, 2015 - Industry News

House Committee Passes Bill to Repeal CFPB's Auto Lending Guidance

This week, a U.S. House committee passed H.R. 1737, a bipartisan bill that aims to repeal the Consumer Financial Protection Bureau’s 2013 guidance on dealer participation.

Tags: CFPB, Congress, Consumer Financial Protection Bureau, discrimination, legislation, NADA, National Automobile Dealers Association, Peter K. Welch

July 28, 2015 - Industry News

NADA Still Pushing For CFPB Transparency

One day after the CFPB rejected its Freedom of Information Act request to release an internal memo that proves the bureau is targeting dealers, the NADA urged members of the U.S. House Financial Services Committee to pass a bill that would repeal the bureau’s auto lending guidance.

Tags: CFPB, Consumer Financial Protection Bureau, dealer markups, discrimination, Honda Financial Services, NADA, National Automobile Dealers Association

July 28, 2015 - Industry News

N.J. Consumer Affairs Division Reaches $25K Settlement with Dealer

The New Jersey Division of Consumer Affairs and AutoSource Group, a used-car dealership, have settled a lawsuit filed by the regulator earlier this year. The dealership was accused of failing to disclose the condition of its cars, among other things.

Tags: consumer complaints, fraud, lawsuit, lemon law, New Jersey, settlement, used vehicles

July 23, 2015 - Industry News

Asbury ‘Comfortable With’ CFPB Limits on Dealer Markup

Asbury Automotive executives were confident that the dealer group’s internal caps on dealer markup and its fixed F&I product prices will keep it safe from any actions by regulators.

Tags: Asbury Automotive, CFPB, Consumer Financial Protection Bureau, Flat Fees, quarterly earnings, Rate Markup

July 23, 2015 - Industry News

NADA Urges Dealers to Oppose Recall Amendment

An amendment rejected by the Senate Commerce Committee last week that would have barred dealers from selling recalled vehicles could be attached to a multi-year highway funding bill, the NADA warns.

Tags: legislation, NADA, National Automobile Dealers Association, recall, Senate, vehicle recall

July 23, 2015 - Industry News

AutoNation’s Jackson Urges Other Lenders to Follow Honda Financial’s Lead

The group’s chief executive reiterated his support for Honda Financial’s new dealer markup caps. He said the policy should serve as a template for the rest of the auto finance industry.

Tags: AutoNation, captive finance, CFPB, Consumer Financial Protection Bureau, Department of Justice, F&I products, Mike Jackson, quarterly earnings, Rate Markup

July 21, 2015 - Industry News

Department of Defense Issues Final Military Lending Act Rule

Today, the Defense Department issued a final rule that expands the types of credit products covered by the 36% rate cap and other military-specific protections under the Military Lending Act.

Tags: CFPB, Consumer Financial Protection Bureau, department of defense, military, military loans

July 21, 2015 - Industry News

GSFSGroup Earns Third-Straight Dealers’ Choice Award

For the third straight year, GSFS Group was selected by readers of Auto Dealer Monthly as one of the best reinsurance product providers.

Tags: Auto Dealer Monthly, Dealers' Choice Awards, GSFSGroup

July 21, 2015 - Industry News

Sheehy Raises More Than $200,000 to Benefit the American Heart Association

  Paula Caruso and Vince Sheehy with Allie Cohen, American Heart Association.

The dealer group sold 6,500 vehicles in 54 days as part of its 18th annual Sheehy 6000 sales event, raising more than $200,000 to benefit the American Heart Association.

Tags: American Heart Association, Sheehy Auto Stores

July 21, 2015 - Industry News

F&I Express Releases Compliance Tool for F&I Product Pricing

With F&I products likely to draw the CFPB’s attention, F&I Express’s new CompliPrice designed to help dealers ensure profits made on the sale of F&I products are compliant with their stores’ pricing policies.

Tags: CFPB, Compliance, CompliPrice, F&I Express, F&I manager, F&I product, F&I products, F&I trainer

July 17, 2015 - Industry News

CFPB Deputy Director Steve Antonakes Steps Down

After nearly five years with the CFPB, Deputy Director Steve Antonakes is stepping down from his position as the bureau’s No. 2 official to spend more time with his family.

Tags: CFPB, Consumer Financial Protection Bureau, employment, Richard Cordray, Richard Hackett

July 16, 2015 - Industry News

CFPB’s Cordray Commends Honda’s New Markup Policy

At the CFPB’s semi-annual report to Congress Wednesday, the bureau’s director praised Honda Finance for setting limitations on dealers’ ability to mark up interest rates on auto loans. But he also fielded questions about whether the bureau is overstepping its jurisdiction.

Tags: CFPB, Congress, consumer complaints, Consumer Financial Protection Bureau, discrimination, Honda Financial Services, Richard Cordray

July 16, 2015 - Industry News

Win a Trip to Industry Summit 2015

IAS and F&I and Showroom magazine have launched a new contest that will send five F&I managers to Industry Summit 2015. The competition will be used to tee up a special F&I manager- and agent-only workshop session at the magazine’s annual conference.

Tags: Ask Joe, F&I Director, F&I manager, F&I products, F&I training, IAS, Industry Summit, Innovative Aftermarket Systems, Joe St. John

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