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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

November 3, 2014 - Industry News

Florida Speakers Headline Compliance Summit

Ted Smith, president of the Florida Automobile Dealers Association and Alex Kurkin, a well-known attorney and veteran dealer advocate with Kurkin Brandes, will open the inaugural Compliance Summit in Hollywood, Fla., on Nov. 10.

Tags: compliance, Florida

October 23, 2014 - Industry News

Compliance Summit Room Block Nearly Full

Organizers of the first-ever Compliance Summit in Hollywood, Fla., have announced that the event's room block at the Seminole Hard Rock Hotel & Casino is nearly full. Register today, before it's too late.

Tags: compliance, training

October 16, 2014 - Industry News

Inaugural Compliance Summit Set for Nov. 10-11

The new event is designed to offer actionable compliance solutions to dealers and their partners. It will be held at the Seminole Hard Rock Hotel & Casino in Hollywood, Fla.

Tags: compliance, Compliance Summit

October 16, 2014 - Industry News

Federal Judge Dismisses GAP Coverage Lawsuit

A judge in Maryland dismissed a lawsuit against the Pohanka Auto Group. It alleged that the group’s GAP coverage was “phony” because it did not meet the definition of a debt-cancellation agreement under Maryland law.

Tags: compliance, GAP, Lawsuit

September 23, 2014 - Industry News

Compliance Firm Examines New CFPB Rule

The CFPB has proposed a new rule to oversee larger nonbank auto finance companies for the first time at the federal level. The compliance firm suggests that this could significantly affect compensation policies in dealerships.

Tags: CFPB, compliance, Consumer Financial Protection Bureau

September 18, 2014 - Industry News

CFPB Holds Auto Finance Hearing Following New Rule Proposal

Following an announcement that it would seek supervisory authority over 38 nonbank auto finance companies, the CFPB held a field hearing on the topic in Indiana this morning.

Tags: American Financial Services Association, Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau, discrimination, National Automobile Dealers Association, Richard Cordray

September 17, 2014 - Industry News

CFPB Proposes New Oversight of Nonbank Auto Finance Companies

The CFPB announced this week a proposed rule that would allow it to oversee about 38 nonbank auto finance companies. The bureau also plans to release a new whitepaper which details the methodology it uses to determine the presence of discrimination in auto lending.

Tags: Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau

August 28, 2014 - Industry News

Va. Dealer Charged With Selling Illegal Tags

The owner of a Virginia dealership was arrested after authorities discovered that he was selling fake tags that would allow drivers to delay properly registering their vehicle.

Tags: compliance, DMV, fraud, Virginia

August 26, 2014 - Industry News

N.J. Dealer Pleads Guilty to Selling Cars Damaged in Superstorm Sandy

A dealer who acquired clean titles for flood-damaged cars he bought at auction faces up to three years in prison. He must also reimburse the customers who purchased the seven vehicles.

Tags: Auto Auctions, compliance, fraud, New Jersey, Superstorm Sandy

August 26, 2014 - Industry News

USEA Surpasses $1.3 Billion in Loan Payment Transmissions

US Equity Advantage has transmitted more than $1.3 billion in loan payments for its members, while maintaining compliance with the money transmitter requirements related to licensing and bonding in all 50 states.

Tags: Auto Loans, compliance, US Equity Advantage

August 7, 2014 - Industry News

NYC Imposes Strict Rule for Used-Car Sales

The city’s Consumer Affairs Department is warning dealers it will issue violations or revoke their licenses to operate if they do not notify consumers who purchased vehicle with unrepaired recall issues.

Tags: compliance, New York, used car sales, vehicle recall

August 6, 2014 - Industry News

Dealer Sentenced to 15 Years for Identity Theft

The owner of Edge Auto Sales used personal identifying information from customer credit applications to forge dozens of fraudulent auto loans and fabricate the existence of two dealerships.

Tags: Attorney General, compliance, fraud, identity theft

July 31, 2014 - Industry News

Kan. Dealer Ordered to Pay Customer $2,065

An investigation found that South Auto Sales required consumers financing their vehicle purchase to sign a preprinted repossession waiver that violated state law.

Tags: Attorney General, compliance, consumer protection, fine, Kansas

July 22, 2014 - Industry News

RouteOne to Cover Regulator Scrutiny of F&I Products in Upcoming Webinar

RouteOne attorney Joseph Karam and National Business Development Manager Jesse Pappas will discuss the forthcoming scrutiny of F&I products by the CFPB and the FTC during a webinar on July 23.

Tags: CFPB, compliance, Consumer Financial Protection Bureau, F&I products, Federal Trade Commission, FTC, RouteOne, webinar

June 12, 2014 - Industry News

House Committee Votes to Repeal CFPB Auto Lending Guidance

The House Financial Services Committee passed a bill this week that would bring more transparency to the CFPB’s guidance-making process. If approved by Congress, it would effectively repeal the bulletin the bureau issued last year on indirect auto lending.

Tags: Auto Lending, CFPB, compliance, Consumer Financial Protection Bureau, legislation

June 12, 2014 - Industry News

Dealer Settles Complaint Regarding Collections Practices

The Idaho Attorney General has reached an agreement with a dealership that will prohibit it from engaging in harassing debt collection or repossession acts or practices. The dealership also resolved several consumer complaints.

Tags: Attorney General, compliance, Debt Collection, Repossessions, Settlement

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 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

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