LAS VEGAS — George Angus, referred to as the “Father of the F&I Menu,” will return to the F&I Conference and Expo to address the threat of limited finance reserve. He will offer new approaches designed to help F&I offices maintain performance levels in today’s highly regulated environment.
Angus, who spent 17 years in dealership management positions before becoming a trainer in 1993, will take a look at two compliance threats impacting the F&I office during his session, scheduled for Wednesday, Sept. 18, at 9:10 a.m.
“Our industry is being watched, and there’s a real threat that the rules of the road for the F&I office will be altered once again,” said Gregory Arroyo, editorial director of F&I and Showroom magazine. “Angus is going to take those threats head on and will show attendees how they can make compliance work for them. This is a can’t-miss session.”
This year, the industry has witnessed a vigorous assault on the indirect financing model by the Consumer Financial Protection Bureau, a new regulator created by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In March, the bureau issued a warning to finance sources regarding their dealer participation programs, telling them that they can be held liable under the legal doctrine known as “disparate impact.” It states that lenders can be sanctioned for actions that have a discriminatory effect — even if the discrimination was unintended.
Industry insiders took the CFPB’s actions as a sign that the bureau is out to eliminate lender policies that allow dealers to mark up interest rates on retail installment sales contracts. Angus, who also serves as a key contributor to F&I and Showroom, will offer an approach designed to help dealers maintain dollars per-deal averages if the CFPB eliminates or sets new limits on finance reserve.
Angus will also address another threat posed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, aside from creating the bureau, gave new enforcement powers to the Federal Trade Commission and state regulators.
At the state level, the law gave Attorneys General the power to enforce the act’s prohibition against unfair and deceptive acts and practices, as well as other federal consumer protection laws such as the Truth in Lending Act and the Fair Credit Reporting Act. Angus will share an approach to disclosure being employed by some of the top F&I departments in the country, and will show attendees how to make disclosure work to their advantage when dealing with today’s more sales-resistant consumer.
The F&I Conference is one of three shows being hosted at Industry Summit 2013, which is being held at the Paris Las Vegas hotel Sept. 16-18. For more information, visit www.industrysummit.com.