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Compliance

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December 12, 2013 - Industry News

Dealer Faces Multiple Violations Related to Vehicle Sales

A Pennsylvania-based auto dealer was charged with providing financing without a license and selling a salvaged vehicle without performing a safety inspection or acquiring the correct title.

Tags: fraud, Pennsylvania, title, Vehicle Inspection

December 12, 2013 - Industry News

Bill to Reduce Dealer Paperwork Advances in House

The legislation would repeal an outdated mandate that requires dealers certify that vehicles comply with the Clean Air Act.

Tags: Environmental Protection Agency, legislation, National Automobile Dealers Association

December 5, 2013 - Industry News

Tesla’s Fight in Ohio to Continue

The Columbus Dispatch reports that Ohio legislators dropped an amendment that would ban Tesla from owning an auto dealership in the state.

Tags: legislation, Ohio, Tesla Motors

December 5, 2013 - Industry News

Dealer Faces Eight Felony Counts of Odometer Fraud

A Michigan dealer was arrested Dec. 3 after authorities checked several vehicles on his lot and discovered mileage discrepancies. Police said it appeared the dealer had installed used, low-mileage odometers in high-mileage cars.

Tags: Carfax Report, felony, fraud, Michigan, Odometer Fraud

December 3, 2013 - Industry News

Telemarketer Ordered to Pay $5.1M to Victims of Car-Buying Scam

At the FTC’s request, a Canadian telemarketer was ordered by the court to pay more than $5.1 million to victims of a car-buying scam committed on sites like eBay and Craigslist.

Tags: claims payments, Federal Trade Commission, fraud, telemarketing

November 21, 2013 - Industry News

NAF Association Launches Compliance Certification Program

In response to the CFPB’s activities this year, the trade group has launched a new certification program for auto finance sources. The program was developed by Hudson Cook LLP.

Tags: certification, compliance, Consumer Credit, Consumer Financial Protection Bureau, Hudson Cook LLP, legal training, NAF Association

November 21, 2013 - Industry News

Automotive Compliance Consultants to Exhibit at NADA, AFSA Conventions

Automotive Compliance Consultants will exhibit its WICS methodology for ensuring auto retailer compliance at both the American Financial Services Association and the National Automobile Dealers Association conventions in New Orleans in January.

Tags: AFSA Vehicle Finance Conference, American Financial Services Association, Automotive Compliance Consultants, NADA Convention and Expo, National Automobile Dealers Association

November 14, 2013 - Industry News

Disparate Impact Challenge Ends in Settlement on Eve of CFPB Forum

On the eve of the CFPB’s first public forum on auto lending, a town council in New Jersey unanimously votes to settle a lawsuit centered on the disparate impact theory.

Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, discrimination, disparate, Equal Credit Opportunity Act (ECOA), Richard Cordray, Senate, Senate Banking Committee

November 14, 2013 - Industry News

Chicago Dealer Accused of Hiring Hit Man to Kill Fraud Witness

A Chicago car dealer allegedly schemed to have his uncle, who was a witness in a federal fraud case, killed. The dealer offered $10,000 to an undercover agent posing as a hit man, according to the Chicago Sun-Times.

Tags: auto dealer, bank fraud, Finance, fraud

November 14, 2013 - Industry News

N.Y. Regulator Reaches $135K Settlement With Dealer

The dealership will pay more than $86,000 to customers who were charged a bogus administrative fee when purchasing a used vehicle, in addition to $50,000 in penalties to the state.

Tags: attorney general, Deceptive Advertising, fine, fraud, New York, used vehicles

November 7, 2013 - Industry News

Ohio AG Seeks $11K Reimbursement From Used-Car Dealership

Ohio Attorney General Mike DeWine is suing a used-car dealership for failing to deliver motor vehicle titles to car buyers. He seeks $11,800 in restitution for customers.

Tags: attorney general, Lawsuit, Ohio, vehicle title

November 7, 2013 - Industry News

Town Delays Vote in Disparate Impact Case

A New Jersey housing bias case the Supreme Court agreed to hear could end in settlement. If an agreement isn’t reached, the high court could strike down the CFPB’s use of the disparate impact theory in its scrutiny of rate participation programs.

Tags: CFPB, Consumer Financial Protection Bureau, discrimination, disparate, Dodd-Frank Act, Equal Credit Opportunity Act, NADA, National Automobile Dealers Association

November 5, 2013 - Industry News

End of Gov’t Shutdown Causes Late Surge in Used Sales, CNW Reports

The reopening of government in mid-October helped used-vehicle sales realize a 3.63 percent increase from a year ago, CNW Research calling the increase “somewhat weaker” than expected.

Tags: CNW Research, government shutdown, Used Sales

October 31, 2013 - Industry News

N.J. Dealer Agrees to Pay $66K Fine

As part of a settlement for misrepresenting the condition of the cars it sold, Lencore Leasing agreed to pay a $66,000 fine.

Tags: compliance, fine, New Jersey

October 31, 2013 - Industry News

Senators Call for ‘Complete Details’ of CFPB Auto Finance Probe

This week, 11 Democrats and 11 Republicans issued a letter to CFPB Director Richard Cordray, demanding transparency in how the bureau is determining the presence of discriminatory practices in the indirect financing channel.

Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, David Westcott, NADA, National Automobile Dealers Association

October 29, 2013 - Industry News

Judge: Ally Violated Bankruptcy Rules

A U.S. bankruptcy judge accused Ally Financial of sending confusing letters to bankrupt customers that demanded payments on debts they no longer owed. Ally was ordered to pay $11,000 to a recipient of such a letter.

Tags: Ally Financial, bankruptcies, compliance, consumer bankruptcies

October 22, 2013 - Industry News

Car Dealer Pleads Guilty in Financing Scam

The former operator of a West Texas dealership and two others are accused of devising a plan to approve loans for customers who did not meet a credit union’s lending standards. The credit union lost $3.9 million as a result of the scam.

Tags: Auto Loans, bank fraud, fraud

October 22, 2013 - Industry News

Denver Dealer Being Investigated for Withholding Titles, FOX31 Denver reports

Auto dealer Koroush Ghasemi of ABC Auto Sales in Denver is under investigation after more than 40 former clients claimed the dealer never sent them titles for their new vehicles.

Tags: Better Business Bureau, fraud

October 17, 2013 - Industry News

NADA to Remain Focused on CFPB, Says Incoming Chairman

The hot-button issue for the NADA in 2014 will be the CFPB’s targeting of the indirect financing channel, incoming NADA Chairman Forrest McConnell tells F&I and Showroom.

Tags: Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, NADA, National Automobile Dealers Association

October 10, 2013 - Industry News

Sales Manger Accused of Falsifying Loan Documents

The former sales manager at Serra Nissan was indicted by a federal grand jury for bank fraud. He pleaded not guilty to devising a scheme to defraud Capital One Auto Finance.

Tags: bank fraud, Capital One Auto Finance, fraud, Nissan

October 1, 2013 - Industry News

Modesto Dealers Sentenced to Prison for Bank Fraud

Two brothers who owned and operated several California dealerships were sentenced to more than four years in prison and ordered to pay more than $600,000 in restitution for conspiring to commit bank fraud.

Tags: auto finance, bank fraud, Credit Applications

September 26, 2013 - Industry News

NY Attorney General Cracks Down on Fake Reviews

Attorney General Eric T. Schneiderman announced an agreement with 19 companies to stop writing fake online reviews and to pay more than $350,000 in fines.

Tags: Customer Reviews, Deceptive Advertising, false advertisements, fraud, online reputation management, review sites

September 26, 2013 - Industry News

Auto Suppliers Ordered to Pay $740M for Price Fixing

The conspiracies affected more than $5 billion in automobile parts sold to U.S. car manufacturers, and more than 25 million cars purchased by American consumers, the Department of Justice announced.

Tags: Investigation, manufacturers, Mitsubishi

September 26, 2013 - Industry News

Wyoming Man Sentenced in Car Fraud Case

A man was sentenced to 12 to 26 years in prison for writing bad checks and using a fake dealer’s license number to purchase cars at the Nebraska Auto Auction in 2011.

Tags: Auto Auctions, fraud

September 19, 2013 - Industry News

CFPB Orders Chase, JPMorgan to Refund $309M to Customers

The CFPB ordered another bank’s credit card division to repay customers for the way it delivered "add-on products" to customers.

Tags: CFPB, Chase, Consumer Financial Protection Bureau, JP Morgan Chase