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Compliance

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January 15, 2015 - Industry News

Arrested Pa. Dealer Faces Additional Fraud Charges

A dealer who was arrested in November for selling a woman’s car on consignment and pocketing the profit is now believed to have committed similar crimes involving six other vehicles.

Tags: compliance, fraud

January 15, 2015 - Industry News

Minn. AG’s Lawsuit Against EFG Dismissed

The lawsuit, which charged the F&I product provider with violating three consumer-protection laws for the way it handled service-contract cancellations and refunds, was dismissed 90 days after it was filed.

Tags: attorney general, EFG Companies, lawsuit, Lori Swanson, Service Contracts

January 15, 2015 - Industry News

Ally Expands Dealer Training Offerings

Ally is adding F&I management training, vehicle selling skills, and compliance courses to its Performance Development Center. The new courses will be introduced at the NADA Convention and Expo next week.

Tags: Ally Financial, compliance, NADA Convention and Expo, training

January 8, 2015 - Industry News

RoadVantage Unveils Web-Based Compliance Management System

Created by attorneys specializing in dealership defense, the web-based RoadVantage CMS is a turnkey solution designed to help dealers ensure compliance with the CFPB’s standards.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, RoadVantage

January 6, 2015 - Industry News

Compliance Firm to Hold Cyber Security Session at NADA Convention & Expo

Automotive Compliance Consultants and cyber-security partner Nuspire Networks will discuss dealership security with dealers at NADA 2015 in San Francisco.

Tags: Automotive Compliance Consultants, data mining, data protection, NADA Convention and Expo

December 30, 2014 - Industry News

Mass. AG Investigating Santander’s Subprime Lending Business

Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.

Tags: attorney general, auto lending, compliance, discrimination, Santander Consumer USA, subpoena, subprime

December 30, 2014 - Industry News

CFPB: Servicemembers Harmed by Loopholes in Military Lending Act

A report released Monday by the regulator highlights how loopholes in the current Military Lending Act rules are racking up the costs of loans for servicemembers.

Tags: CFPB, Consumer Financial Protection Bureau, military, military loans

December 19, 2014 - Industry News

Ally Subpoenaed By DOJ

On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.

Tags: Ally Financial, American Honda Finance, auto lending, Credit Acceptance Corp., Department of Justice, GM Financial, impact of the Great Recession, Michael A. Carpenter, Santander Consumer USA, subprime, TARP, Toyota Motor Credit Corp, U.S. Department of Treasury

December 18, 2014 - Industry News

Legal Expert Rings in the Holidays With ‘12 Days of Dealership Compliance’

AutoStar Solutions’ Steve Levine shares a dozen simple ways dealers can guard their businesses from the government Grinch.

Tags: AutoStar Solutions, compliance, F&I office

December 18, 2014 - Industry News

Dealer Charged With 30 Felonies

A North Carolina dealer was charged with pocketing money he obtained from five finance sources and seven customers related to the sale of seven cars.

Tags: felony theft, fraud

December 18, 2014 - Industry News

FBI: N.J. Dealer Now a Fugitive

A luxury-car dealer who lost his dealership license in September has fled the country, thwarting efforts by his customers to recoup thousands of dollars.

Tags: FBI, fraud

December 16, 2014 - Industry News

Credit Acceptance Subpoenaed by DOJ

Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.

Tags: auto loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, subpoena

December 16, 2014 - Industry News

‘Great Deleveraging’ Has Ended, Equifax Reports

Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.

Tags: auto finance, auto loans, car shopping, Consumer Credit Balances, Equifax, New-Car Sales

December 12, 2014 - Industry News

FTC Takes Action Against Two Dealer Groups for Deceptive Advertising

The FTC took action against two dealer groups it targeted in 2012 for deceptive advertising. They were charged with violating the FTC's orders prohibiting them from deceptively advertising the cost of financing or leasing a car.

Tags: Deceptive Advertising, Department of Justice, Federal Trade Commission, Truth in Lending Act

December 11, 2014 - Industry News

Minn. Dealer Wins Affordable Care Act Challenge

Based on a ruling in the Supreme Court case Burwell v. Hobby Lobby, a Minnesota district court granted Hastings Automotive owner exemption from the Affordable Care Act's contraceptive coverage mandate.

Tags: employees, healthcare reform, Obama administration, the morning after pill, U.S. District Court

December 11, 2014 - Industry News

Lender Trade Group Urges CFPB to Reconsider Larger Participant Rule

In a memo issued to the CFPB this week, the AFSA listed seven recommendations regarding the bureau’s proposed rule that would give it regulatory and supervisory authority over 30 nonbank auto finance companies.

Tags: American Financial Services Association, auto lending, Consumer Financial Protection Bureau, finance

December 9, 2014 - Industry News

DOD Bans Military Allotments for Personal Property Purchases

Starting Jan. 1, active-duty troops will no longer be able to use military allotments to purchase or lease vehicles, among other things. The policy change was made in response to enforcement actions brought by the CFPB.

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

December 4, 2014 - Industry News

CFPB, DOJ Now Targeting Honda's Captive

Honda revealed in a regulatory filing this week that its captive finance company is facing discrimination charges by the CFPB and DOJ. The revelation comes a week after Toyota’s captive said it is facing similar allegations.

Tags: auto lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination

December 4, 2014 - Industry News

Law Firm Makes Last Call for Plaintiffs in Carfax Case

An antitrust lawsuit against Carfax has reached nearly 900 dealer plaintiffs. The firm handling the case is looking to add another 300 in the next two months.

Tags: Bellavia Blatt, Carfax, lawsuit

December 2, 2014 - Industry News

Ga. Supreme Court Gives Go-Ahead in Fraud Suit Against Dealer

The Georgia Supreme Court ruled unanimously that a customer of Payless Auto Deals could proceed with his fraud claim against the dealership and one of its salespeople for selling him a damaged vehicle.

Tags: Carfax Report, deceptive practices, lawsuit

December 1, 2014 - Industry News

Toyota's Captive Issues Statement Regarding CFPB, DOJ Allegations

Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.

Tags: auto lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, investigation, Toyota Motor Credit Corp

November 20, 2014 - Industry News

CFPB Needs a New 'Tool,’ Study Finds

F&I and Showroom delves into a new study commissioned by the American Financial Services Association. It concludes that the CFPB’s use of the BISG proxy method is “conceptually flawed” and could lead to overstatement of alleged harm to consumers.

Tags: Ally Financial, American Financial Services Association, auto finance, Bayesian Improved Surname Geocoding, BISG, CFPB, CFPB Study, F&I manager, F&I office

November 19, 2014 - Industry News

CFPB Takes First Action Against BHPH Dealer

DriveTime Automotive Group was ordered to pay an $8 million penalty for making harassing debt collection calls and providing inaccurate credit information to credit reporting agencies.

Tags: buy-here, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act, DriveTime, Fair Credit Reporting Act, pay-here, Richard Cordray

November 19, 2014 - Industry News

CFPB Methodology Flawed, New Study Concludes

A new study released by the American Financial Services Association finds bias and high error rates in the CFPB's proxy methodology for determining disparate impact.

Tags: American Financial Services Association, CFPB, CFPB Study

November 13, 2014 - Industry News

Inaugural Compliance Summit a Hit

Organizers of Compliance Summit 2014 said the inaugural event drew a large, engaged crowd to the Seminole Hard Rock Hotel and Casino in Hollywood, Fla., this week. The next regional event is slated for early next year in Texas.

Tags: compliance, Compliance Summit, David Gesualdo

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