February 26, 2015 - Industry News
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
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
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
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
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.
February 17, 2015 - Industry News
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
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
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 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
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
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
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
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
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
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
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
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
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
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
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.
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
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
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
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
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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