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Compliance

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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

November 13, 2014 - Industry News

Two Georgia Dealerships Shut Down for Odometer Tampering

A father and son were arrested and their two dealerships were closed after police began pursuing racketeering charges against the pair.

Tags: odometer fraud

November 11, 2014 - Industry News

Sonic Files Suit Against Former Employee for Luring Away Employees

Sonic and Philpott Motors have filed a lawsuit against a former employee who left the dealership and hired seven other employees to come work for him.

Tags: employment, lawsuit, Sonic Automotive

November 10, 2014 - Industry News

Police Catch Kidnapper Using Dealership’s GPS Device

Detectives asked a dealership to activate the GPS device installed in a kidnapping suspect’s car due to his poor credit. Police apprehended the man and found his victim alive.

Tags: buy-here, GPS devices, GPS tracking, pay-here, subprime

November 7, 2014 - Industry News

Last Chance to Pre-Register for Compliance Summit

Online registration for the inaugural Compliance Summit, to be held Nov. 10-11 in Hollywood, Fla., will soon be closed. Register before it's too late.

Tags: Compliance

November 6, 2014 - Industry News

N.Y. Dealer Convicted of Money Laundering

The owner of Finish Line Auto Sales was convicted by a federal jury this week of money laundering for helping drug dealers purchase high end used cars with cash.

Tags: money laundering, New York

November 6, 2014 - Industry News

CNCDA Selects DMVdesk As Preferred Registration Software Provider

The California New Car Dealers Association has selected DMVdesk to be the organization's preferred registration solution for California dealers.

Tags: California New Car Dealers Association, Dealer Software, DMV, new vehicle registrations

November 4, 2014 - Industry News

Competition Driving Increased Risk in Auto Finance, Regulator Says

A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the regulator will continue to monitor the market.

Tags: Auto Loans, Banks, Consumer Financial Protection Bureau, regulations, risk

November 3, 2014 - Industry News

Florida Speakers Headline Compliance Summit

Ted Smith, president of the Florida Automobile Dealers Association and Alex Kurkin, a well-known attorney and veteran dealer advocate with Kurkin Brandes, will open the inaugural Compliance Summit in Hollywood, Fla., on Nov. 10.

Tags: Compliance, Florida

October 28, 2014 - Industry News

Benoit Honored With Auto Finance Excellence Award

The senior partner at Hudson Cook and columnist for F&I and Showroom was honored on Oct. 7 at an auto finance conference in Las Vegas.

Tags: Hudson Cook LLP, Michael Benoit

October 28, 2014 - Industry News

Dealer Arrested For Forgery, Fraud

A Georgia dealer was charged with 18 felonies and 9 misdemeanors for allegedly committing fraud and forgery in association with the sale of vehicles.

Tags: forgery, fraud

October 28, 2014 - Industry News

Crisorio Named Compliance Summit Keynote Speaker

The president and CEO of United Development Systems will open the new compliance event with a keynote address. He will offer his take on how dealers can stay out of the crosshairs of what many believe to be government overreach.

Tags: Compliance Summit, David Gesualdo, Randy Crisorio, United Development Systems

October 28, 2014 - Industry News

Complí Receives 2014 GRC Value Award

The compliance management software provider was recognized by GRC 20/20 for the value it provided to Tricolor Auto Group. The auto group cut time spent on compliance management in half using solutions from Complí, officials said.

Tags: awards, Compli, GRC

October 23, 2014 - Industry News

Compliance Summit Room Block Nearly Full

Organizers of the first-ever Compliance Summit in Hollywood, Fla., have announced that the event's room block at the Seminole Hard Rock Hotel & Casino is nearly full. Register today, before it's too late.

Tags: Compliance, training

October 22, 2014 - Industry News

Mich. Governor Signs ‘Anti-Tesla’ Bill

Governor Rick Snyder signed into law yesterday tighter restrictions on selling vehicles directly to consumers. The new law now effectively bans Tesla Motors from selling vehicles in the state.

Tags: electric vehicles, franchised dealerships, Governor Rick Snyder, Michigan, Tesla, Tesla Motors

October 21, 2014 - Industry News

Man Finds No Record of VSC Purchased at Mich. Dealership

A man who bought a car at Auto Exchange last year discovered that the VSC provider had no record of the $2,566 contract he purchased. The dealership was shut down in April.

Tags: fraud, Vehicle Service Contracts

October 16, 2014 - Industry News

Inaugural Compliance Summit Set for Nov. 10-11

The new event is designed to offer actionable compliance solutions to dealers and their partners. It will be held at the Seminole Hard Rock Hotel & Casino in Hollywood, Fla.

Tags: Compliance, Compliance Summit

October 16, 2014 - Industry News

Federal Judge Dismisses GAP Coverage Lawsuit

A judge in Maryland dismissed a lawsuit against the Pohanka Auto Group. It alleged that the group’s GAP coverage was “phony” because it did not meet the definition of a debt-cancellation agreement under Maryland law.

Tags: Compliance, GAP, lawsuit

October 14, 2014 - Industry News

Comment Period Opens for CFPB’s New Rule

The CFPB published its proposal rule to oversee larger participants in the nonbank auto finance segment in the Federal Register last week, kicking off a 60-day public comment period that ends on Dec. 8.

Tags: auto finance, CFPB, Consumer Financial Protection Bureau

October 9, 2014 - Industry News

Court Upholds $15.6M Verdict Against Toyota Dealerships

Pennsylvania’s Superior Court upheld a ruling that awarded $15.6 million to the driver and passengers in a Toyota van that malfunctioned after two dealerships allegedly failed to follow the recommended maintenance procedures when servicing the vehicle.

Tags: lawsuit, Toyota, vehicle maintenance

October 9, 2014 - Industry News

N.Y. Judge Rules in Favor of Dealer in Case Against GM

An administrative judge from New York’s Department of Motor Vehicles ruled this week that GM’s statewide sales benchmark was not reasonably applied, concluding that the manufacturer did not have the right to terminate Beck Chevrolet.

Tags: facility upgrades, franchised dealerships, General Motors, lawsuit

October 7, 2014 - Industry News

Minnesota AG Sues EFG Over Service-Contract Refunds

John Pappanastos, CEO of EFG Companies

Attorney General Lori Swanson is suing EFG Companies for deceptive practices because it failed to deliver on its promise of full refunds for VSCs canceled within 30 days. The company’s CEO tells F&I and Showroom his company will be exonerated once all the facts are presented.

Tags: EFG Companies, extended car warranty, extended warranties, John Pappanastos, Lori Swanson, Minnesota AG, Minnesota Attorney General, Robocalls, telemarketing

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