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September 3, 2013 - Industry News

2 Dealers Accused of False Advertising Settle With FTC

As part of their settlement with the FTC, two dealers from Maryland and Ohio are prohibited from advertising discounts or prices unless the ads clearly disclose any qualifications or restrictions.

Tags: false advertisements, Federal Trade Commission, FTC, Settlement

August 29, 2013 - Industry News

[Video] Dodd-Frank Act to Headline F&I Conference and Expo

The magazine will convene an all-star cast of compliance and regulatory experts to delve into the Dodd-Frank Act and the Consumer Financial Protection Bureau. They’ll also touch on what’s happening at the state level.

Tags: Andrew Koblenz, Damon Wiener, Dodd-Frank Act, F&I Conference & Expo, Gregory Arroyo, Nikki Munro, Terry O'Loughlin

August 29, 2013 - Industry News

Dealer Ordered to Pay $2M in Restitution

As part of a plea bargain for failing to give $1.2 million in sales tax to the state, the New Jersey dealer will pay restitution and will never again own, work at or consult for a dealership in the state.

Tags: consumer complaints, fraud, used car

August 20, 2013 - Industry News

AFSA Launches New Compliance Committee

The traded association's new Operations and Regulatory Compliance Committee will address the policies, guidance, enforcement actions and regulations issued by the federal government and agencies that impact its members.

Tags: AFSA, compliance, Dodd-Frank Act

August 15, 2013 - Industry News

Certegy Settles With FTC for Fair Credit Act Violations

Certegy Check Services Inc. has agreed to pay $3.5 million to settle Federal Trade Commission charges that it violated the Fair Credit Reporting Act.

Tags: compliance, Fair Credit Reporting Act, Federal Trade Commission

August 15, 2013 - Industry News

'Father of F&I Menu' to Take on Dodd-Frank Act

F&I and Showroom contributor will address two major threats posed by the Dodd-Frank Act, and will show attendees how they can maintain performance in today’s intense regulatory environment.

Tags: Consumer Financial Protection Bureau, Dodd-Frank Wall Street Reform and Consumer Protect, George Angus, Industry Summit

August 13, 2013 - Industry News

CFPB Responds to House Republicans

The CFPB was short on details when it responded last week to 35 House Republicans who requested additional information on the bureau’s review of dealer participation programs.

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

August 5, 2013 - Industry News

Credit Acceptance Corp. Keeping “Close Eye” on CFPB

In its second quarter earnings call, Credit Acceptance Corp. noted that its relationships with industry associations have kept it up to speed on looming regulations.

Tags: CFPB, Consumer Financial Protection Bureau, Credit Acceptance Corp., financial regulation

August 1, 2013 - Industry News

Auto Sales Expected to Hit Four-Year High

This year, the average number of sales per dealership is expected to rise to 877 units based on vehicle sales of 15.6 million, according to a midyear report from Urban Science.

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