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
January 6, 2015 - Industry News
Automotive Compliance Consultants and cyber-security partner Nuspire Networks will discuss dealership security with dealers at NADA 2015 in San Francisco.
Tags: Automotive Compliance Consultants, data mining, data protection, NADA Convention and Expo
December 30, 2014 - Industry News
Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.
Tags: attorney general, auto lending, compliance, discrimination, Santander Consumer USA, subpoena, subprime
A report released Monday by the regulator highlights how loopholes in the current Military Lending Act rules are racking up the costs of loans for servicemembers.
Tags: CFPB, Consumer Financial Protection Bureau, military, military loans
December 19, 2014 - Industry News
On the same day the U.S. Department of the Treasury sold the last of its remaining 54.9 million shares of Ally common stock, Ally Financial revealed that it has received a subpoena from the Department of Justice related to subprime auto lending.
Tags: Ally Financial, American Honda Finance, auto lending, Credit Acceptance Corp., Department of Justice, GM Financial, impact of the Great Recession, Michael A. Carpenter, Santander Consumer USA, subprime, TARP, Toyota Motor Credit Corp, U.S. Department of Treasury
December 18, 2014 - Industry News
AutoStar Solutions’ Steve Levine shares a dozen simple ways dealers can guard their businesses from the government Grinch.
Tags: AutoStar Solutions, compliance, F&I office
A North Carolina dealer was charged with pocketing money he obtained from five finance sources and seven customers related to the sale of seven cars.
Tags: felony theft, fraud
A luxury-car dealer who lost his dealership license in September has fled the country, thwarting efforts by his customers to recoup thousands of dollars.
Tags: FBI, fraud
December 16, 2014 - Industry News
Credit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain documents related to subprime auto lending.
Tags: auto loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, subpoena
Consumers are back in the borrowing business, with November consumer credit data from Equifax showing that nonmortgage credit balances rose to their highest level in five years.
Tags: auto finance, auto loans, car shopping, Consumer Credit Balances, Equifax, New-Car Sales
December 12, 2014 - Industry News
The FTC took action against two dealer groups it targeted in 2012 for deceptive advertising. They were charged with violating the FTC's orders prohibiting them from deceptively advertising the cost of financing or leasing a car.
Tags: Deceptive Advertising, Department of Justice, Federal Trade Commission, Truth in Lending Act
December 11, 2014 - Industry News
Based on a ruling in the Supreme Court case Burwell v. Hobby Lobby, a Minnesota district court granted Hastings Automotive owner exemption from the Affordable Care Act's contraceptive coverage mandate.
Tags: employees, healthcare reform, Obama administration, the morning after pill, U.S. District Court
In a memo issued to the CFPB this week, the AFSA listed seven recommendations regarding the bureau’s proposed rule that would give it regulatory and supervisory authority over 30 nonbank auto finance companies.
Tags: American Financial Services Association, auto lending, Consumer Financial Protection Bureau, finance
December 9, 2014 - Industry News
Starting Jan. 1, active-duty troops will no longer be able to use military allotments to purchase or lease vehicles, among other things. The policy change was made in response to enforcement actions brought by the CFPB.
Tags: Consumer Financial Protection Bureau, department of defense, military
December 4, 2014 - Industry News
Honda revealed in a regulatory filing this week that its captive finance company is facing discrimination charges by the CFPB and DOJ. The revelation comes a week after Toyota’s captive said it is facing similar allegations.
Tags: auto lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination
An antitrust lawsuit against Carfax has reached nearly 900 dealer plaintiffs. The firm handling the case is looking to add another 300 in the next two months.
Tags: Bellavia Blatt, Carfax, lawsuit
December 2, 2014 - Industry News
The Georgia Supreme Court ruled unanimously that a customer of Payless Auto Deals could proceed with his fraud claim against the dealership and one of its salespeople for selling him a damaged vehicle.
Tags: Carfax Report, deceptive practices, lawsuit
December 1, 2014 - Industry News
Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are alleging that the captive’s practices in the auto finance sector have resulted in the discriminatory pricing of auto loans.
Tags: auto lending, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, investigation, Toyota Motor Credit Corp
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
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