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October 11, 2017 - Industry News

Ally Takes Control of GAP Refunds

The finance source’s new policy took effect days before new allegations surfaced that Wells Fargo failed to deliver GAP refunds to borrowers. It states that Ally — not dealers — will directly refund the unearned portion of GAP waivers and insurance to borrowers within 45 days of the paid-in-full date.

Tags: Ally, auto finance, Consumer Financial Protection Bureau, GAP, Regulators

August 8, 2017 - Industry News

Mind the GAP: Wells Fargo Faces New Charges

Wells Fargo has once again found itself under regulatory scrutiny following an internal review and external inquiry that may have uncovered funds owed to car buyers who purchased GAP and paid their loans off early.

Tags: auto finance, compliance, GAP, Wells Fargo Dealer Services

July 14, 2017 - Industry News

PALS Session to Bridge Gap Between Lenders, Product Providers

F&I Express’ Brian Reed will lead a presentation designed to establish improved lines of communication between leading executives in the auto finance and F&I product provider segments.

Tags: CFPB, compliance, F&I Express, F&I products, GAP, P&A Leadership Summit

July 13, 2017 - Industry News

Three States Pass GAP Laws

The Guaranteed Asset Protection Alliance, a lobbying group made up of GAP providers, administrators and finance sources, was instrumental in getting two of the three laws passed — the most recent state to adopt its model act being Maine.

Tags: compliance, F&I products, GAP, GAPA, GAPWise, Guaranteed Asset Protection Alliance, insurance, Regulations, Rob Berger, Timothy Meenan, Wise F&I

February 27, 2017 - Industry News

CNA National Distributed $40 Million to Dealers in 2016

CNA National Warranty Corp. (CNAN) returned more than $40 million to automobile dealers across the U.S. through its various participation plans for 2016, the company announced this week.

Tags: CNA National, GAP, vehicle service contracts

July 6, 2016 - Industry News

CFPB Accuses 'One or More' Finance Sources of Deceptive GAP Ads, Payment Deferral Offers

In its recent Supervisory Highlights report, the CFPB accused ‘one or more’ auto finance sources of being deceptive in their advertisements of GAP and in the way they disclose payment deferral terms.

Tags: auto finance, CFPB, GAP, payment deferral

May 31, 2016 - Industry News

Turks and Caicos Regulator Engages Reinsurance Industry

The Turks and Caicos Islands Financial Services Commission met last week with 20 leading reinsurance experts to elicit their views on proposed improvements to the islands’ regulatory regime and to explore how TCI may remain the domicile of choice of producer affiliated reinsurance companies.

Tags: consumer protection, GAP, producer-affiliated reinsurer, reinsurance, Service Contracts, Turks and Caicos Islands

March 23, 2016 - Industry News

ACA, Westlake Agree to Pay $7.4 Million in Relief to Mass. Consumers

American Credit Acceptance and Westlake Financial Services have agreed to pay $7.4 million to Massachusetts consumers to settle the state regulator's charges that they charged excessive interest rates on subprime loans.

Tags: American Credit Acceptance, GAP, interest rates, Relief, Subprime Loans, Westlake Services

March 8, 2016 - Industry News

U.S. Judge Allows Woman's Discrimination Claims Against Santander to Proceed

A U.S. district judge has allowed an African-American woman to pursue claims of discrimination against Texas-based Santander Consumer USA, but the finance source was successful in getting other claims contained in the borrower’s class action suit dismissed.

Tags: First Amended Complaint, GAP, Santander Consumer USA, U.S. District Court

January 28, 2016 - Industry News

Cox Automotive Enters F&I Product Business

Cox Automotive announced today it has acquired a minority interest in F&I product provider SilverRock Holdings LLC. Officials said the products will be sold through dealers affiliated with Go Financial and NextGear Capital.

Tags: Cox Automotive, GAP, GO Financial, NextGear Capital, Oreno Holdings, SilverRock Holdings, vehicle service contracts, Vehicle-Recovery Device

November 24, 2015 - Industry News

Wise F&I's Rob Berger Elected President of GAPA

Rob Berger, executive vice president at Wise F&I, was elected as president of the Guaranteed Asset Protection Alliance (GAPA).

Tags: GAP, GAPA, Rob Berger, Wise F&I

October 15, 2015 - Industry News

EasyCare Releases Full Suite of RV-Geared F&I Benefits

EasyCare launched on Oct. 1 a full suite of F&I protections designed for the recreational vehicle market. Products include road hazard tire-and-wheel protection, GAP, limited warranty and vehicle service contracts.

Tags: EasyCare, GAP, recreational vehicles, Road Hazard Protection, Tire and Wheel, vehicle service contracts

September 28, 2015 - Industry News

Santander Faces Class-Action Over ‘Worthless’ GAP Coverage

A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of Illinois customers who have signed similar contracts.

Tags: Disclosures, F&I products, GAP, Lawsuit, Santander Consumer USA, Truth in Lending Act

September 1, 2015 - Industry News

CNA National Marks 20th Anniversary of Purchase by CNA

It has been 20 years since CNA National was purchased by CNA, one of the nation’s oldest and largest insurance companies.

Tags: CNA National, F&I product provider, GAP, Service Contracts, Tire and Wheel

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

August 14, 2014 - Industry News

Service Group Partners With Kawasaki

The Austin-based firm will serve as the administrator for the powersports maker's new GAP, tire-and-wheel and prepaid maintenance products. The protection products will be offered alongside the OEM's new Kawasaki Protection Plus.

Tags: GAP, Kawasaki Motors Corp., Prepaid Maintenance, Tire and Wheel

July 29, 2014 - Industry News

Group 1 Posts 12.3% Increase in F&I Revenue

The dealer group’s U.S. F&I operations raised its per-copy average $91 to $1,442 in the second quarter. On a year-to-date basis, the group's per-copy average rose $128 from a year ago to $1,499.

Tags: F&I products, GAP, Group 1 Automotive, Prepaid Maintenance, product penetration, Quarterly Earnings, vehicle service contracts

March 18, 2014 - Industry News

Ron Martin Releases F&I Sales Training Book

The president of VisionMenu has released an expanded edition of his previous book. It now includes improved sales pitches, word-tracks and closes.

Tags: F&I products, GAP, Ron Martin, Tire and Wheel, training, vehicle service contracts, VisionMenu Inc., Word Tracks

January 28, 2014 - Industry News

Dealers Positive About 2014, Ally Survey Finds

Ninety percent of the 150 dealers Ally surveyed at the 2014 NADA Convention and Expo this past week said their outlook for 2014 sales is positive.

Tags: Ally Financial, GAP, NADA, NADA Convention & Expo, National Automobile Dealers Association, new-vehicle sales, social media, Survey, vehicle service contracts

January 16, 2014 - Industry News

RoadVantage Extends Coverage Terms on F&I Offerings

The F&I product provider is now offering coverage terms of up to seven years on its full line of ancillary products.

Tags: ancillary products, F&I products, GAP, RoadVantage, Service Contracts

November 7, 2013 - Industry News

Partners Alliance to Use F&I Admin SCS Auto Platform

Partners Alliance Corp. will now use the SCS Auto platform by F&I Administration Solutions for the administration of its GAP and other F&I product offerings.

Tags: F&I Administration, F&I Administration Solutions, F&I products, GAP

July 30, 2013 - Industry News

NAC Rolls Out GAP Waiver Program

The program, set to launch Aug. 1, offers multiple MSRP limit selections, includes private passenger commercial utilization, flex buy and more. The new product has also been incorporated into NAC ExpressLane.

Tags: GAP, NAC

February 28, 2013 - Industry News

Intersection Technologies Adds Auto Trac to e-Contracting Platform

Intersection adds Auto Trac to its e-contracting platform for aftermarket F&I products, allowing Auto Trac dealers to electronically rate, contract and sign the F&I product provider’s various GAP and other ancillary products.

Tags: Auto Trac, e-contracting, F&I Express, GAP, Jim Portell

February 28, 2013 - Industry News

FFDS Announces 4-Tier GAP Pricing Approach

Family First Dealer Services is now offering a four-tier 4T GAP program that touts a 73- to 76-month term band.

Tags: 4-tier, Family First Dealer Services, FFDS, GAP, guaranteed asset protection, Pricing

February 19, 2013 - Industry News

[Video] Tip of the Week: Selling to Good and Lucky Drivers

How do you respond to customers who say they’ve never been in an accident and don’t need GAP? United Development Systems' Gerry Gould has the answer in F&I’s Tip of the Week.

Tags: F&I menu, F&I process, F&I Tip of the Week, GAP, Gerry Gould, United Development Systems, VSC

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