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April 7, 2015 - Industry News

AFIP’s Robertson Joins Midwest Compliance Summit

Organizers of Compliance Summit have announced that David Robertson, executive director of the Association of Finance & Insurance Professionals, will speak at the Midwest event this month.

Tags: AFIP, compliance, Compliance Summit, David Robertson

April 2, 2015 - Industry News

N.C. Dealer Hit With Third Sex Charge in Two Months

A used-car dealer was arrested this week for allegedly trading repairs on a Dodge Magnum for a sexual act. He was already facing charges stemming for two other incidents, including kidnapping and sexual battery.

Tags: compliance, used-car dealer

April 2, 2015 - Industry News

NYC Seeks to Remove Dealers from Subprime Auto Finance

DCA Commissioner Julie Menin testified before the New York City Council Committee on Consumer Affairs last October that dealer markups should be capped or eliminated in New York.

The New York City Department of Consumer Affairs announced a new car loan initiative this month, which would direct subprime car buyers away from dealership financing to loans provided directly by banks and credit unions.

Tags: compliance, markups, rate markup, subprime

March 31, 2015 - Industry News

SMART Payment Plan Appoints Compliance Officer

Jackson Bigham has been named chief compliance officer of SMART Payment Plan. In that role, he will be responsible for managing SMART’s state and federal regulatory compliance and regulatory reporting.

Tags: compliance, employment, Hiring, SMART Payment Plan

March 24, 2015 - Industry News

BMW Settles FTC Charges

BMW of North America has agreed to settle FTC charges that its MINI Division violated the Magnuson-Moss Warranty Act by telling consumers that BMW would void their warranty unless they used MINI parts and MINI dealers to perform maintenance and repair work.

Tags: BMW, compliance, Federal Trade Commission, MINI, Settlement, warranty

March 24, 2015 - Industry News

N.Y. Dealer Pleads Guilty to Felony Tax Charges

The owner of a dealership in New York pled guilty last week to five felony charges and will serve up to one year in jail for failing to file sales tax and personal income tax returns.

Tags: Attorney General, compliance, guilty, New York, sales tax evasion

March 19, 2015 - Industry News

FBI Offers Reward for Fugitive Dealer

The FBI is offering $20,000 for the arrest of a New Jersey dealer who has reportedly fled the country after more than 75 people filed complaints against him.

Tags: compliance, consumer complaints, FBI, fraud

March 12, 2015 - Industry News

Midwest Compliance Summit Set for April

The next Compliance Summit event is set to be held April 20–21, 2015, in Illinois. The full day of educational sessions is open to automotive industry professionals involved in front-end compliance.

Tags: attorney, compliance, general agents, Regulations

March 12, 2015 - Industry News

Santander’s Capital Plans Don’t Hold Up to Fed Review

The Federal Reserve has objected to Santander Holdings USA’s capital plans due to widespread deficiencies in governance, internal controls, risk identification and management, as well as other key areas.

Tags: compliance, Federal Reserve, Santander Consumer USA

March 10, 2015 - Industry News

Dealer, Employee Charged With Threatening Customer

Charges were filed against the owner and an employee of F&R Auto Sales after a customer claimed they threatened her. The dealership first made headlines in January when a video of its employees harassing a pizza delivery man went viral.

Tags: compliance, consumer complaints

March 5, 2015 - Industry News

GSFSGroup Hires New Compliance Director

GSFSGroup has selected Lewis Kuhl as its senior counsel and director of regulatory compliance. Kuhl will be responsible for ensuring that F&I products and the company’s clients are in in compliance with state laws.

Tags: compliance, F&I products, GSFSGroup, Hiring

February 26, 2015 - Industry News

Ala. AG Shuts Down Dealer for Fraud

Alabama Attorney General Luther Strange was granted a temporary restraining order against the owners of a used-car dealership, as well as permission to seize the dealer’s property.

Tags: Alabama, Attorney General, compliance, fraud, Lawsuit, sales tax evasion

February 24, 2015 - Industry News

CPS CEO: Finance Source Ahead of the Compliance Curve

Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, Consumer Portfolio Services (CPS), Debt Collection, Department of Justice, Federal Trade Commission, FTC, Settlement

February 10, 2015 - Industry News

Mass. Dealer Cited For Overcrowded Lot

The used-car dealership exceeded the number of cars allowed on its lot under city law by nearly 200 vehicles. It has 60 days to remove the extra cars.

Tags: compliance, Massachusetts, used car dealer

February 4, 2015 - Industry News

Penn. Dealer Pocketed Customer Fees, Police Say

The owner and operator of a Pennsylvania dealership has been accused of taking money from at least 40 customers and not submitting title and registration paperwork and fees to the state’s Department of Transportation.

Tags: compliance, fraud, vehicle title

January 29, 2015 - Industry News

Dealer Closes Without Handing Over Titles to Car Buyers

A Missouri used-car dealer closed his operation abruptly after failing to pay the dealerships that provided him with his stock, leaving customers he sold cars to without titles.

Tags: compliance, fraud, used vehicles, vehicle title

January 15, 2015 - Industry News

Arrested Pa. Dealer Faces Additional Fraud Charges

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

January 15, 2015 - Industry News

Ally Expands Dealer Training Offerings

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

RoadVantage Unveils Web-Based Compliance Management System

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

December 30, 2014 - Industry News

Moody’s Sees Silver Lining in Regulatory Scrutiny of Auto Finance

Moody’s expects the performance of new and outstanding auto loan ABS deals to suffer temporarily due to current regulatory activity, but it does see a silver lining in the increased scrutiny of the auto finance marketplace.

Tags: Auto ABS, compliance, Federal Trade Commission, Moody's Analytics, Regulations, subprime

December 30, 2014 - Industry News

Mass. AG Investigating Santander’s Subprime Lending Business

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

December 30, 2014 - Industry News

N.Y. Shuts Down Subprime Auto Lender

Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.

Tags: compliance, Dodd-Frank Act, Lawsuit, New York, Settlement, subprime, Subprime Financing

December 18, 2014 - Industry News

Legal Expert Rings in the Holidays With ‘12 Days of Dealership Compliance’

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

November 13, 2014 - Industry News

Inaugural Compliance Summit a Hit

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

November 7, 2014 - Industry News

Last Chance to Pre-Register for Compliance Summit

Online registration for the inaugural Compliance Summit, to be held Nov. 10-11 in Hollywood, Fla., will soon be closed. Register before it's too late.

Tags: compliance