Unloading the Fair Credit Program
Compliance expert examines the Fair Credit Program and its influence on dealers.
Compliance expert examines the Fair Credit Program and its influence on dealers.
You can create a simple test deal file and pop quiz to administer during the interview process that will tell you how compliant the applicant really is, vis-a-vis your compliance standards.
Don’t let lame excuses for non-compliance derail your dealer’s efforts.
A dealership sold and financed a vehicle to an identity thief, even after seven red flags were identified. Truly managing the process means vetting and clearing any red flags before delivering the vehicle.
Implementing pricing guidelines is not a guarantee that the regulators will stay away, but properly implemented and managed, it should provide a plausible defense of your F&I pricing practices.
As we enter a new administration, dealers will need to continue navigating new sales processes while also reverting their attention to risk management and government regulators. Let’s take a look at the likely highest risk areas and discuss a plan to mitigate them.
If you do not have a CMS and continuous monitoring in place now, today is a good day to start.
Here are three popular excuses when dealership managers try to explain away a compliance violation — don’t let these non-excuses derail your compliance efforts.
Most dealers rely on one or more software providers to manage and document all their transactions and many businesses count on a robust disaster recovery plan in the event their IT infrastructure fails.
Where we had previously been moving at a sloth pace to digitize the entire buying process, the auto industry is accelerating many processes in response to COVID-19.
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