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Compliance

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August 28, 2014 - Industry News

Va. Dealer Charged With Selling Illegal Tags

The owner of a Virginia dealership was arrested after authorities discovered that he was selling fake tags that would allow drivers to delay properly registering their vehicle.

Tags: compliance, DMV, fraud, Virginia

August 26, 2014 - Industry News

N.J. Dealer Pleads Guilty to Selling Cars Damaged in Superstorm Sandy

A dealer who acquired clean titles for flood-damaged cars he bought at auction faces up to three years in prison. He must also reimburse the customers who purchased the seven vehicles.

Tags: auto auctions, compliance, fraud, New Jersey, Superstorm Sandy

August 21, 2014 - Industry News

CFPB Fines Subprime Finance Source $2.75 Million

First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.

Tags: CFPB, Consumer Financial Protection Bureau, Department of Justice, fine, investigation, subprime

August 21, 2014 - Industry News

F&I and Showroom Extends Deadline to Enter F&Idol Contest

The deadline to enter F&I and Showroom's F&Idol contest has been extended to Monday, Aug. 25. At stake is up to $3,500 in prize money and a trip to Industry Summit 2014.

Tags: F&Idol, IAS, Key Replacement, Lease, Service Contracts, Tire and Wheel

August 19, 2014 - Industry News

N.Y. Dealer to Pay $27K for Bogus Customer Fees

An investigation of a Toyota dealership in Kingston found that 27 customers were charged an additional undisclosed $650 fee when they purchased their vehicle at the end of the lease. No additional services were provided for payment of this fee.

Tags: attorney general, fee, investigation, New York, settlement

August 14, 2014 - Industry News

Industry Responds to New York Times Op-Ed on Subprime Auto Loans

Photo Credit: Scallop Holden via Compfight cc

Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.

Tags: AFSA, American Financial Services Association, auto lending, Department of Justice, impact of the Great Recession, investigation, mortgage, NADA, National Automobile Dealers Association, Peter K. Welch

August 12, 2014 - Industry News

Dealership Employee Sentenced for $50,000 Theft

While working as a cashier, a former employee of a Pennsylvania dealership performed multiple unauthorized refund transactions and refunded the money to her own checking account. She was sentenced this week to four years of probation, including one year of house arrest.

Tags: employee theft, employees, felony theft

August 7, 2014 - Industry News

Santander Consumer USA Receives DOJ Subpoena

In a regulatory filing Thursday, Santander Consumer USA disclosed that it has received a civil subpoena from the U.S. Department of Justice requesting documents related to subprime auto lending. Earlier in the week, GM Financial filed a similar report.

Tags: Department of Justice, Santander Consumer USA, subpoena, subprime

August 7, 2014 - Industry News

NYC Imposes Strict Rule for Used-Car Sales

The city’s Consumer Affairs Department is warning dealers it will issue violations or revoke their licenses to operate if they do not notify consumers who purchased vehicle with unrepaired recall issues.

Tags: compliance, New York, used car sales, vehicle recall

August 5, 2014 - Industry News

GM Financial Subject of DOJ Investigation

In a Securities and Exchange Commission filing this week, GM Financial revealed that it was served with a subpoena by the U.S. Department of Justice. It is requesting documents related to the origination and securitization of subprime auto loan contracts dating back to 2007.

Tags: auto lending, Department of Justice, investigation, subpoena, subprime

August 5, 2014 - Industry News

Compliance Firm Advises Dealers to Review Arbitration Clauses

Automotive Compliance Consultants warned dealers this week to review their arbitration clauses in their finance contracts. The firm says such language is coming under scrutiny from courts and regulators.

Tags: arbitration agreements, Federal Arbitration Act

July 31, 2014 - Industry News

Kan. Dealer Ordered to Pay Customer $2,065

An investigation found that South Auto Sales required consumers financing their vehicle purchase to sign a preprinted repossession waiver that violated state law.

Tags: attorney general, compliance, consumer protection, fine, Kansas

July 22, 2014 - Industry News

RouteOne to Cover Regulator Scrutiny of F&I Products in Upcoming Webinar

RouteOne attorney Joseph Karam and National Business Development Manager Jesse Pappas will discuss the forthcoming scrutiny of F&I products by the CFPB and the FTC during a webinar on July 23.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, F&I Products, Federal Trade Commission, FTC, RouteOne, webinar

July 22, 2014 - Industry News

Gould to Address Cash, Lease Deals

Gerry Gould returns to the magazine’s annual conference to lead a workshop on maximizing cash and lease deals in the F&I office. He’ll offer product recommendations, break down ideal menu configurations and will cover key word-tracks and responses to common customer objections.

Tags: cash conversion, F&I Conference & Expo, Industry Summit 2014, Lease Penetration

July 18, 2014 - Industry News

Nomination Deadline for F&I Dealer of the Year Extended

F&I and Showroom has extended the deadline to nominate dealers for its F&I Dealer of the Year award to Friday, July 25.

July 17, 2014 - Industry News

Credit Union Pulls Ad Campaign Slamming Rate Markups

In a campaign designed to warn car buyers about rate markups, Space Coast Credit Union compares the practice to restaurant customers being charged exorbitant amounts of money for food based on arbitrary physical features.

Almost a month after launching a campaign critical of rate markups, Space Coast Credit Union has pulled all ads and associated videos. The campaign had compared rate markups to a restaurant charging customers more for food based on arbitrary physical features.

July 17, 2014 - Industry News

‘King of Lemon Laws’ Celebrates Tesla Settlement

Attorney Vince Megna celebrated the $126,836 settlement he reached with Tesla on behalf of a Wisconsin man by posting a humorous video to his YouTube channel. It was the first lemon law case brought against the electric-vehicle maker.

Tags: lawsuit, lemon law, settlement, Tesla Motors

July 15, 2014 - Industry News

Owners of 8 N.J. Dealerships Reach $1.8M Settlement For Deceptive Practices

In addition to paying civil penalties and reimbursements to the state, the owners of the dealerships must work to resolve 45 consumer complaints. This is the second such settlement the dealers have reached with the state.

Tags: Deceptive Advertising, deceptive practices, New Jersey, settlement

July 8, 2014 - Industry News

Ohio AG Seeks Reimbursement from Dealer

Calland Auto Group and its owner are accused of failing to provide consumers with motor vehicle titles as required by Ohio law. The Ohio Attorney General seeks reimbursement to the state’s Title Defect Recision Fund.

Tags: lawsuit, Ohio, Ohio Attorney general, vehicle title

July 3, 2014 - Industry News

BBB Warns Consumers of Fake Dealership

Customers reported that they found listings for the dealership on Cars.com, but the dealer was using a fake address.

Tags: BBB, Cars.com, fraud

July 3, 2014 - Industry News

Tesla to Expand in Pennsylvania

The Pennsylvania House passed legislation this week that will allow the automaker to have as many as five stores in the state.

Tags: legislation, Pennsylvania, Tesla Motors

July 1, 2014 - Industry News

Kansas City Dealer to Seek Permanent ACA Exemption

Following Monday's Supreme Court ruling in favor of Hobby Lobby, the owner of Randy Reed Automotive will seek a permanent injunction exempting him from providing insurance coverage for the 'morning after' pill.

Tags: lawsuit, Obama administration, the morning after pill

June 26, 2014 - Industry News

11 Consumer Groups Ask FTC to Crack Down on CarMax

A coalition of consumer-protection groups asked the FTC to investigate CarMax for selling recalled vehicles. CarMax officials claim the chain is doing the best it can with a broken system.

Tags: CARMAX, consumer advocates, Deceptive Advertising, Federal Trade Commission, recall

June 26, 2014 - Industry News

Dealer Pleads Guilty to Not Reporting Taxes

A Virginia independent dealer is facing three years in prison after being found guilty of not reporting income between 2007 and 2010. Sentencing takes place in September.

Tags: fraud, tax fraud

June 19, 2014 - Industry News

CFPB to Release White Paper on Proxy Methodology

During the CFPB’s semi-annual report to the House Financial Services Committee, Director Richard Cordray said the agency will be releasing a white paper on the methodology it uses to determine the presence of discrimination in auto loans.

Tags: CFPB, Consumer Financial Protection Bureau, discrimination, Richard Cordray

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