December 5, 2013 - Industry News
The Columbus Dispatch reports that Ohio legislators dropped an amendment that would ban Tesla from owning an auto dealership in the state.
Tags: legislation, Ohio, Tesla Motors
A Michigan dealer was arrested Dec. 3 after authorities checked several vehicles on his lot and discovered mileage discrepancies. Police said it appeared the dealer had installed used, low-mileage odometers in high-mileage cars.
Tags: Carfax Report, felony, fraud, Michigan, odometer fraud
December 3, 2013 - Industry News
At the FTC’s request, a Canadian telemarketer was ordered by the court to pay more than $5.1 million to victims of a car-buying scam committed on sites like eBay and Craigslist.
Tags: claims payments, Federal Trade Commission, fraud, telemarketing
November 21, 2013 - Industry News
In response to the CFPB’s activities this year, the trade group has launched a new certification program for auto finance sources. The program was developed by Hudson Cook LLP.
Tags: certification, compliance, consumer credit, Consumer Financial Protection Bureau, Hudson Cook LLP, legal training, NAF Association
Automotive Compliance Consultants will exhibit its WICS methodology for ensuring auto retailer compliance at both the American Financial Services Association and the National Automobile Dealers Association conventions in New Orleans in January.
Tags: AFSA Vehicle Finance Conference, American Financial Services Association, Automotive Compliance Consultants, NADA Convention and Expo, National Automobile Dealers Association
November 14, 2013 - Industry News
On the eve of the CFPB’s first public forum on auto lending, a town council in New Jersey unanimously votes to settle a lawsuit centered on the disparate impact theory.
Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, discrimination, disparate, Equal Credit Opportunity Act (ECOA), Richard Cordray, Senate, Senate Banking Committee
A Chicago car dealer allegedly schemed to have his uncle, who was a witness in a federal fraud case, killed. The dealer offered $10,000 to an undercover agent posing as a hit man, according to the Chicago Sun-Times.
Tags: auto dealer, bank fraud, finance, fraud
The dealership will pay more than $86,000 to customers who were charged a bogus administrative fee when purchasing a used vehicle, in addition to $50,000 in penalties to the state.
Tags: attorney general, deceptive advertising, fine, fraud, New York, used vehicles
November 7, 2013 - Industry News
Ohio Attorney General Mike DeWine is suing a used-car dealership for failing to deliver motor vehicle titles to car buyers. He seeks $11,800 in restitution for customers.
Tags: attorney general, lawsuit, Ohio, vehicle title
A New Jersey housing bias case the Supreme Court agreed to hear could end in settlement. If an agreement isn’t reached, the high court could strike down the CFPB’s use of the disparate impact theory in its scrutiny of rate participation programs.
Tags: CFPB, Consumer Financial Protection Bureau, discrimination, disparate, Dodd-Frank Act, Equal Credit Opportunity Act, NADA, National Automobile Dealers Association
November 5, 2013 - Industry News
The reopening of government in mid-October helped used-vehicle sales realize a 3.63 percent increase from a year ago, CNW Research calling the increase “somewhat weaker” than expected.
Tags: CNW Research, government shutdown, Used Sales
October 31, 2013 - Industry News
As part of a settlement for misrepresenting the condition of the cars it sold, Lencore Leasing agreed to pay a $66,000 fine.
Tags: compliance, fine, New Jersey
This week, 11 Democrats and 11 Republicans issued a letter to CFPB Director Richard Cordray, demanding transparency in how the bureau is determining the presence of discriminatory practices in the indirect financing channel.
Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, David Westcott, NADA, National Automobile Dealers Association
October 29, 2013 - Industry News
A U.S. bankruptcy judge accused Ally Financial of sending confusing letters to bankrupt customers that demanded payments on debts they no longer owed. Ally was ordered to pay $11,000 to a recipient of such a letter.
Tags: Ally Financial, bankruptcies, compliance, consumer bankruptcies
October 22, 2013 - Industry News
The former operator of a West Texas dealership and two others are accused of devising a plan to approve loans for customers who did not meet a credit union’s lending standards. The credit union lost $3.9 million as a result of the scam.
Tags: auto loans, bank fraud, fraud
Auto dealer Koroush Ghasemi of ABC Auto Sales in Denver is under investigation after more than 40 former clients claimed the dealer never sent them titles for their new vehicles.
Tags: Better Business Bureau, fraud
October 17, 2013 - Industry News
The hot-button issue for the NADA in 2014 will be the CFPB’s targeting of the indirect financing channel, incoming NADA Chairman Forrest McConnell tells F&I and Showroom.
Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, NADA, National Automobile Dealers Association
October 10, 2013 - Industry News
The former sales manager at Serra Nissan was indicted by a federal grand jury for bank fraud. He pleaded not guilty to devising a scheme to defraud Capital One Auto Finance.
Tags: bank fraud, Capital One Auto Finance, fraud, Nissan
October 1, 2013 - Industry News
Two brothers who owned and operated several California dealerships were sentenced to more than four years in prison and ordered to pay more than $600,000 in restitution for conspiring to commit bank fraud.
Tags: auto finance, bank fraud, Credit Applications
September 26, 2013 - Industry News
Attorney General Eric T. Schneiderman announced an agreement with 19 companies to stop writing fake online reviews and to pay more than $350,000 in fines.
Tags: customer reviews, deceptive advertising, false advertisements, fraud, online reputation management, review sites
The conspiracies affected more than $5 billion in automobile parts sold to U.S. car manufacturers, and more than 25 million cars purchased by American consumers, the Department of Justice announced.
Tags: investigation, manufacturers, Mitsubishi
A man was sentenced to 12 to 26 years in prison for writing bad checks and using a fake dealer’s license number to purchase cars at the Nebraska Auto Auction in 2011.
Tags: auto auctions, fraud
September 19, 2013 - Industry News
The CFPB ordered another bank’s credit card division to repay customers for the way it delivered "add-on products" to customers.
Tags: CFPB, Chase, Consumer Financial Protection Bureau, JP Morgan Chase
September 6, 2013 - Industry News
The NADA issued a memo to members last week that outlines regulatory requirements for protecting the consumer information they collect. The memo follows warnings about data access from the FTC and F&I and Showroom columnist Jim Ziegler.
Tags: Brittany-Marie Swanson, data, data protection, DMS, Federal Trade Commission, Gramm-Leach-Bliley, NADA, National Automobile Dealers Association
September 5, 2013 - Industry News
Three Ohio brothers who owned a now-defunct used-car dealership are charged with failing to deliver motor vehicle titles to customers. The state’s attorney general seeks $94,000 in reimbursement.
Tags: compliance, lawsuit, Ohio
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