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Compliance

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February 26, 2015 - Industry News

Ala. AG Shuts Down Dealer for Fraud

Alabama Attorney General Luther Strange was granted a temporary restraining order against the owners of a used-car dealership, as well as permission to seize the dealer’s property.

Tags: Alabama, attorney general, compliance, fraud, lawsuit, sales tax evasion

February 24, 2015 - Industry News

President Once Again Takes Aim at Reinsurers

For the sixth time, President Barack Obama has included language in his annual budget that would end some of the tax benefits enjoyed by reinsurers. Market insiders don’t believe it will gain support from the Republican-controlled Congress.

Tags: Barack Obama, budget, Jim Smith, Obama administration, president, President Obama, Reinsurance, SouthwestRe

February 24, 2015 - Industry News

CPS CEO: Finance Source Ahead of the Compliance Curve

Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Consumer Portfolio Services (CPS), debt collection, Department of Justice, Federal Trade Commission, FTC, settlement

February 19, 2015 - Industry News

Five Trade Groups Urge CFPB to Fix ‘Flaws’ in Fair Lending Enforcement

A coalition of five trade groups representing the nation’s largest auto finance sources urged the CFPB to review and respond publicly to a study that questions its methodology for measuring disparities in dealer reserve.

Tags: BISG, CFPB, Consumer Financial Protection Bureau, discrimination, fair lending, lenders, NADA, reserve, study

February 19, 2015 - Industry News

Dealer Hit By International Smuggling Operation

U.S. Custom officials seized a vehicle from a freighter bound for Africa after a Louisiana dealership reported that the credit cards used to purchase the car online were declined.

Tags: fraud

February 17, 2015 - Industry News

CNA’s Participation Plans Distribute More Than $38 Million in 2014

To date, the F&I product provider has returned $329 million through its dealer participation plans, with company officials noting that 2014 distributions exceeded the highest return since the inception of those programs.

Tags: CNA National, Dealer Participation Plans, F&I office, Reinsurance

February 17, 2015 - Industry News

FTC Approves Final Order in Texas Auto Dealer’s Deceptive Ad Case

The FTC unanimously approved a final order settling its deceptive advertising complaint against Dallas-based Trophy Nissan, which was charged on Dec. 23 with violating the FTC Act, the Consumer Leasing Act and the Truth in Lending Act.

Tags: Consumer Leasing Act, Deceptive Advertising, Federal Trade Commission, Regulation M, Regulation Z, Trophy Nissan, Truth in Lending Act

February 17, 2015 - Industry News

N.C. Dealerships Reach $225K Settlement in Predatory Loan Case

Two used-car dealerships and their owner reached a settlement this month with the Department of Justice and the state attorney general. The settlement resolves a lawsuit that alleged the dealerships charged African American buyers more for loans and repossessed vehicles without reasonable notice.

Tags: attorney general, Department of Justice, discrimination, fair lending, GPS devices, lawsuit, North Carolina, repossessions

February 12, 2015 - Industry News

Penske Posts Most Profitable Year Behind Strong Q4 Performance

Penske Automotive Group realized a 16% increase in revenue and a 14% bump in adjusted income from continuing operations in 2014’s fourth quarter. The dealer group’s CEO also discussed its plan to pilot the NADA’s fair credit compliance program at four stores.

Tags: CFPB, F&I profit, fourth quarter, NADA, Penske Automotive Group, reserve

February 12, 2015 - Industry News

CNCDA Partners with Legislators to Reform Recalls

The California New Car Dealers Association has reached an agreement with bipartisan legislators to author legislation that will increase disclosure of recalls and improve safety.

Tags: California New Car Dealers Association, legislation, vehicle recall

February 10, 2015 - Industry News

JM Family Enterprises Names New VP and General Counsel

Todd Clarke was promoted to vice president and general counsel for Southeast Toyota Distributors and JM Lexus, businesses of parent company JM Family Enterprises.

Tags: JM Family, promotions

February 10, 2015 - Industry News

Conn. Dealer Association Launches Controversial Anti-Tesla Site

The website, called “Tesla Crash,” was launched by the Connecticut Automotive Retailers Association in response to a bill that would allow the electric automaker to sell directly to consumers in the state.

Tags: franchised dealerships, legislation, Tesla, Tesla Motors

February 10, 2015 - Industry News

EFG Compliance Officer Earns Consumer Credit Compliance Certification

EFG's Karen Klees became one of the first 100 compliance officers to earn certification under the NAF Association's new program. Last April, the company's entire dealer services team earned AFIP certification.

Tags: AFIP, Consumer Credit Compliance Certification, EFG Companies, NAF Association

February 10, 2015 - Industry News

Mass. Dealer Cited For Overcrowded Lot

The used-car dealership exceeded the number of cars allowed on its lot under city law by nearly 200 vehicles. It has 60 days to remove the extra cars.

Tags: compliance, Massachusetts, used car dealer

February 10, 2015 - Industry News

Idaho Legislators at Odds Over Proposed Dealer Rule

Earlier this month, Idaho’s House Transportation and Defense Committee narrowly affirmed regulations that would mandate how long car dealers should be open each week.

Tags: Idaho, legislation

February 4, 2015 - Industry News

Utah Bill Would Send Sales Tax to Car Buyer’s Hometown

Rep. Ken Ivory (R-Utah) has introduced legislation that would send the sales-tax revenue from car sales to the hometown of the car buyer, instead of the city where the dealership is located.

Tags: legislation, sales tax, Utah

February 4, 2015 - Industry News

Penn. Dealer Pocketed Customer Fees, Police Say

The owner and operator of a Pennsylvania dealership has been accused of taking money from at least 40 customers and not submitting title and registration paperwork and fees to the state’s Department of Transportation.

Tags: compliance, fraud, vehicle title

January 29, 2015 - Industry News

N.Y. Dealer Settles Insurance Fraud Suit for $1.6 Million

The lawsuit alleged that Fuccillo Hyundai in Upstate New York illegally sold insurance without a license to customers under the guise of an anti-theft warranty.

Tags: car insurance, fraud, lawsuits, vehicle theft, vehicle warranties

January 29, 2015 - Industry News

Dealer Closes Without Handing Over Titles to Car Buyers

A Missouri used-car dealer closed his operation abruptly after failing to pay the dealerships that provided him with his stock, leaving customers he sold cars to without titles.

Tags: compliance, fraud, used vehicles, vehicle title

January 27, 2015 - Industry News

NADA Issues Compliance Guide on Federal Advertising Rules

In response to the FTC’s targeting of dealer ads, the NADA released at its annual convention last week a new publication designed to help new-car dealers comply with federal advertising requirements.

January 27, 2015 - Industry News

CPS Subpoenaed By DOJ

This month, the Department of Justice issued a subpoena to Consumer Portfolio Services requiring the finance source to turn over documents related to subprime auto finance.

Tags: Consumer Portfolio Services Inc., Department of Justice, subprime

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

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