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June 3, 2014 - Industry News

NADA Study: Federal Rules Cost Dealerships More Than $3 Billion Each Year

According to a report commissioned by the NADA, the average dealership incurred $182,754 in costs to comply with federal mandates in 2012.

Tags: compliance, dealer cost, NADA, National Automobile Dealers Association, Study

May 29, 2014 - Industry News

CPS to Pay $5.5 Million to Settle FTC Charges

The FTC charged the subprime finance source with using illegal tactics to service and collect on consumer loans, including collecting money consumers did not owe, harassing consumers and third parties, and disclosing debts to friends, family and employers.

Tags: Collections, CPS, FTC, subprime auto finance

May 29, 2014 - Industry News

CFPB Engaged in Fair-Lending Actions Against Six Auto Lenders

Citing an unnamed source, Auto Finance News reported earlier this month that the CFPB is engaged in fair-lending actions against six finance sources. Bureau officials decline to comment.

May 27, 2014 - Industry News

Congress Votes to End Dealer Paperwork Requirement

The U.S. Senate unanimously approved a bill last week that eliminates a provision in the Clean Air Act that requires dealers issue a certificate to consumers that confirms a vehicle’s compliance with the law.

Tags: Clean Air Act, legislation, National Automobile Dealers Association

May 27, 2014 - Industry News

W. Va. Attorney General Files Suit Against Used-Car Dealer

The used-car dealer is accused of selling vehicles with mechanical defects, charging illegal fees and repossessing vehicles without the required legal notices. Twenty-two formal complaints were made against the dealer by the time the suit was filed.

Tags: attorney general, compliance, consumer complaints, Lawsuit, used-car dealer

May 20, 2014 - Industry News

NADA: Flat Fees Do Not Eliminate Discretion

A memo released by the NADA this week states that the CFPB’s proposed method for eliminating fair lending risk in the auto lending arena would do no such thing. Instead, dealers would still have discretion when it comes to selecting a finance source for their customers.

Tags: Auto Lending, CFPB, Consumer Financial Protection Bureau, discrimination, flats, NADA, National Automobile Dealers Association

May 20, 2014 - Industry News

RouteOne to Offer Fair Lending Compliance Webinar

Tomorrow, RouteOne will discuss discretionary dealer markup practices during a complimentary compliance webinar.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Department of Justice, RouteOne, webinar

May 15, 2014 - Industry News

DOJ Investigating Fifth Third Bank’s Auto Lending Practices

Photo via Flickr.

Fifth Third Bancorp revealed in a regulatory filing this month that its indirect auto loan portfolio is being examined by the Department of Justice to determine whether the finance source engaged in discriminatory practices.

Tags: Auto Loans, CFPB, Consumer Financial Protection Bureau, Department of Justice, discrimination, Fifth Third, Investigation

May 15, 2014 - Industry News

Tesla: New Wording in Missouri Bill is ‘Sneak Attack’ by Dealers

In a statement posted on its website, Tesla denounced the last-minute addition of wording to legislation in Missouri that would effectively ban the automaker from selling directly to consumers in the state.

Tags: Franchised Dealerships, legislation, Missouri, Tesla, Tesla Motors

May 15, 2014 - Industry News

Calif. Proposes Ban on the Sale of Unrepaired Recall Vehicles

Senate Bill 686 would make it illegal for used-car dealers and rental car companies to sell used cars with unrepaired recalls issues. Senator Hannah Beth Jackson held a press conference about the bill this week.

Tags: California, legislation, vehicle recall

May 15, 2014 - Industry News

Feds Sue Dealer Over 401(k) Plan

The U.S. Department of Labor has filed a lawsuit against a former dealer who refuses to administer the business’ 401(k) plan, leaving participants without access to their money.

Tags: Department of Labor, Lawsuit

May 13, 2014 - Industry News

FTC Approves Deceptive Advertising Settlement

The FTC has approved final consent orders settling charges that Nissan North America Inc. and an advertising agency deceptively advertised a Nissan Frontier truck pushing a dune buggy up a steep hill, something the truck cannot do.

Tags: Deceptive Advertising, Federal Trade Commission, Nissan, Settlement

May 13, 2014 - Industry News

Hudson Cook Partner Receives Lifetime Achievement Award

Anne P. Fortney, a partner in the firm’s Washington, D.C., office, was recognized by the American College of Consumer Financial Services Lawyers with the prestigious Senator William Proxmire Lifetime Achievement Award.

Tags: Awards, Fair Credit Reporting Act, Finance, Hudson Cook LLP

May 13, 2014 - Industry News

UPDATED: FTC Probing Biweekly Payment Products, the NADA Warns

Biweekly payment providers continue to react to the memo the NADA issued last week. This week, Economic Advantages Corp. offers its take on the alert.

Tags: biweekly payment, FTC, NADA, National Automobile Dealers Association, UDAP

May 8, 2014 - Industry News

CFPB Proposes New Rule for Privacy Disclosures

The rule would allow finance sources that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually.

Tags: CFPB, Consumer Financial Protection Bureau, Disclosures, privacy policy, Richard Cordray

May 6, 2014 - Industry News

N.Y. Dealer Charged With Stealing Sales Tax

The owner of a dealership in New York has been indicted for allegedly stealing more than $50,000 in sales tax on vehicles he sold. He pleaded not guilty to the charges.

Tags: attorney general, fraud, New York, sales tax

April 28, 2014 - Industry News

Industry Summit Doubles Down on SF

Industry Summit 2014 will feature multiple education sessions dedicated to special finance and used-car retailing. Serving as master of ceremonies for those two tracks will be special finance guru Greg Goebel.

Tags: Greg Goebel, Industry Summit 2014, special finance, Used Car Retailing

April 24, 2014 - Industry News

Bank Eliminates Dealer Markup, Cites CFPB Guidance

Photo via Flickr. 

Chicago-based BMO Harris Bank issued a notice to its dealer customers this week, stating that it has eliminated dealer markups on indirect auto loans. The policy went into effect Thursday.

Tags: Auto Loans, BMO Harris Bank, CFPB, compliance, Consumer Financial Protection Bureau, Finance, flats

April 24, 2014 - Industry News

N.Y. Dealer Pleads Guilty to Fraud

A former dealer pleaded guilty to charges that he obtained double financing on 13 vehicles, amounting to $166,000.

Tags: Dealer Services Corporation, Financing, fraud

April 17, 2014 - Industry News

Senator Introduces 2 CFPB Reform Bills

Last week, U.S. Senator Deb Fischer introduced two bills aimed at restructuring the Consumer Financial Protection Bureau. The bills would replace the CFPB’s director with a bipartisan commission and change the voting requirements for overturning regulations.

Tags: Consumer Financial Protection Bureau, legislation, Richard Cordray

April 15, 2014 - Industry News

Pro Tesla Bill Won’t Go to Vote

A bill that would allow Tesla to sell directly to consumers won’t be voted on during Arizona’s current legislative session, which ends this week.

Tags: legislation, Tesla Motors

April 15, 2014 - Industry News

Calif. DMV Targets ‘Curbstoners’ in Sting

Investigators issued nearly 100 citations and made several arrests during an operation aimed at thwarting unlicensed auto dealers who sell unsafe used vehicles.

Tags: California, Investigation, used vehicles

April 14, 2014 - Industry News

Former CFPB Official to Deliver Keynote Address at Industry Summit 2014

The CFPB’s former point man will be at Industry Summit 2014 this September to deliver a keynote address. He will take attendees inside the media-shy agency and offer insights on how the bureau intends to regulate the automotive retail industry.

Tags: CFPB, Consumer Financial Protection Bureau, Gregory Arroyo, Hudson Cook LLP, Industry Summit, Richard Hackett

April 10, 2014 - Industry News

Washington Governor Signs Bill Favoring Tesla

A bill signed by Washington governor Jay Inslee this month will allow Tesla to expand in the state.

Tags: legislation, Tesla, Tesla Motors

April 10, 2014 - Industry News

U.S. Court of Appeals Rules in Favor of Dropped Chrysler Dealers

The court’s decision will allow the case pitting 148 defunct Chrysler dealerships against the U.S. government to proceed. The dealerships were closed as part of Chrysler’s 2009 bailout agreement.

Tags: bailout, Chrysler, court, Lawsuit, Leonard Bellavia