November 20, 2014 - Industry News
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
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
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
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
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 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
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
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.
November 6, 2014 - Industry News
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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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