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Compliance

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July 23, 2013 - Industry News

July Deliveries Could Rise 7 Percent, CNW Predicts

The first 20 days of July has the market research firm predicting a 7 percent gain in deliveries from a year ago. CNW also spots an incentive war brewing on the horizon.

Tags: CNW Research, New-Car Sales

July 23, 2013 - Industry News

1.2 Million Buy Used Instead of New

The Great Recession is still weighing heavily on how consumers shop for vehicles, as new-vehicle intenders continue to make the switch to used. It’s a trend automakers should continue to fuel, CNW predicts.

July 18, 2013 - Industry News

RoadVantage Adds to Executive Team

The company celebrates its two-year anniversary by announcing two expansion moves aimed at fueling the company’s continued growth.

June 25, 2013 - Industry News

House Republicans Call CFPB Agenda a ‘Loss to Consumers’

Thirty-five congressional republicans warn the bureau that reforms it seeks in the auto finance industry could weaken marketplace competition and hurt a consumer’s ability to obtain the best financing terms.

Tags: auto finance, CFPB, Congress, Consumer Financial Protection Bureau

June 17, 2013 - Industry News

Dealership CEO Accused of Evading Cash Deposit Reporting Requirements

Dealership CEO indicted for allegedly evading reporting requirements for cash deposits. The 26-count indictment could lead to a maximum penalty that includes decades in prison, plus a fine and possible penalties for his company.

Tags: fraud

June 11, 2013 - Industry News

CFPB Takes Center Stage at NAF Conference

With the CFPB’s Rick Hackett headlining the agenda, the NAF Association broke a decade-old attendance record for its 17th annual Non-Prime Auto Finance Conference.

Tags: Brittany-Marie Swanson, CFPB, NAF Association

May 30, 2013 - Industry News

NADA Chairman: ‘CFPB Guidance Lacks Transparency and Research’

The 2013 chairman calls out the CFPB for not demonstrating that problems exist with dealer participation programs, and questions the bureau’s use of the disparate impact theory.

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

May 30, 2013 - Industry News

House Democrats Question CFPB Probe of Auto Finance

Thirteen Democrats in Congress sent a letter to the CFPB's Richard Cordray, asking for “any and all background information” on the bureau's investigations of auto finance.

Tags: Auto Lending, CFPB, Congress, Consumer Financial Protection Bureau, discrimination

May 9, 2013 - Industry News

DOJ Taking Closer Look at Auto Finance

The CFPB isn’t the only regulator interested in what goes on inside the F&I office. The U.S. Department of Justice also is taking aim at retail installment transactions.

Tags: Auto Loans, Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, Indirect Lending

May 2, 2013 - Industry News

Illinois AG Sues Dealer for Deceptive Sales Tactics

Illinois Attorney General Lisa Madigan files lawsuit against a Carterville auto dealer for deceptive sales tactics. The Illinois dealer allegedly promised repair guarantees on cars sold “as is” but didn’t follow through.

Tags: attorney general, dealer, fraud, Lawsuit

April 23, 2013 - Industry News

Philadelphia Dealer to Pay $24K Settlement for ‘Spot Deliveries’

DeSimone Auto Group is accused of charging higher finance rates than what customers initially agreed to once they took delivery of a vehicle.

Tags: attorney general, fraud, spot delivery

April 18, 2013 - Industry News

Ind. Dealer Ordered to Pay $130K in Customer Reimbursements

Indiana law enforcement officials announced on Monday that a used-car dealership has agreed to send $34 refunds to customers it allegedly overcharged for document fees.

Tags: fraud, reimbursement, tax and title fees

April 9, 2013 - Industry News

N.Y. Dealership to Pay $25K for Deceptive Ads

An investigation by the New York state attorney general found that Rockland Nissan misled customers regarding lease terms and purchase agreements.

Tags: attorney general, false advertisements, New York, Nissan

March 28, 2013 - Industry News

CFPB Opens Consumer Complaint Database to the Public

The CFPB launches the nation’s largest database of federal consumer financial complaints. Bureau officials said the database will be used to prioritize its investigations, among other things.

Tags: Auto Loans, CFPB, Complaints, Consumer Financial Protection Bureau, Richard Cordray

March 26, 2013 - Industry News

NADA: CFPB’s Actions Detrimental to Consumers

The NADA and the National Association of Minority Automobile Dealers say the CFPB’s actions in regards to dealer participation will have an opposite effect on consumers, claiming their cost of credit will go up.

Tags: Ally Financial, Auto Loans, CFPB, discrimination, NADA

March 21, 2013 - Industry News

CFPB: Lenders Are Responsible for Discriminatory Markups

In a bulletin issued today, the CFPB warned banking institutions that they could be on the hook for discriminatory markups imposed by dealers. The bureau’s notice also contains guidance on how finance sources should address fair lending risk.

Tags: Auto Lending, CFPB, discrimination, ECOA, Equal Credit Opportunity Act, Richard Cordray

March 12, 2013 - Industry News

CFPB Investigating Ally Financial

Ally Financial revealed in a March filing with the SEC that it is one of the banking institutions being investigated by the CFPB.

Tags: Ally Financial, Brittany-Marie Swanson, CFPB, discrimination, disparate, SEC filing, Tom Hudson

March 12, 2013 - Industry News

Wholesale Used-Vehicle Prices Expected to Soften

ADESA Analytical Services reported this week that wholesale used-vehicle prices could resume the general softening pattern that began around mid-2012 and before Superstorm Sandy.

Tags: ADESA Analytical Services, CNW Research, Superstorm Sandy

March 12, 2013 - Industry News

Used-Car Prices Rose Slightly in February, the NADA Reports

Used-car prices rose 0.8 percent, which is well below the 3 percent increase observed during the same period in 2011 and 2012.

Tags: car prices, Gas Prices, NADAguides, SAAR, Used-Car Values

March 12, 2013 - Industry News

Government Sells $489.9M of GM Stock

To date, the U.S. Department of the Treasury has recovered about $29.8 billion of its investment in General Motors.

Tags: bailout, General Motors, U.S. Department of Treasury

March 7, 2013 - Industry News

Colo. Dealer Accused of Money Laundering

The owner of Chopeque Auto Sales and two others were taken into custody on suspicion of selling vehicles to known drug dealers and falsifying down payment amounts, liens and titles.

Tags: drug trafficking, fraud, money laundering

February 21, 2013 - Industry News

CFPB Warns Banks About Questionable Auto Loans, <em>Bloomberg</em> Reports

At least four banks have 15 days to provide an explanation of their auto lending practices to the Consumer Financial Protection Bureau, or they could face lawsuits.

Tags: Auto Lending, banks, Consumer Financial Protection Bureau, Lawsuit

February 19, 2013 - Industry News

NADA Supports Bill Amending Clean Air Act

The NADA is asking lawmakers to support a bill that would eliminate a mandate that requires that dealers certify whether a new vehicle’s emissions system has been inspected.

Tags: legislation, NADA

February 19, 2013 - Industry News

Pa. Dealer Faces Fraud Charges

The Pennsylvania owner of Auto Exchange USA is being charged with fraud, theft and impersonating a Notary. Authorities said he pocketed down payments and didn’t pay off existing loans for customers after agreeing to do so.

Tags: Auto Exchange USA, dealer, down payment, fraud, Pennsylvania, U.S. Department of Transportation

January 22, 2013 - Industry News

[Video] Tip of the Week: Breaking Down the ‘Meet and Greet’

Fifteen percent of a successful sale is due to product knowledge, while 80 percent is due to a salesperson’s ability to connect with his or her customer. The F&I Professor breaks down a process for the meet and greet to help drive a better customer connection.