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NADA and the Miracle on 34th Street
Automotive dealers should follow the National Automobile Dealers Association's consumer-friendly guidelines in order to minimize their legal risks.
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SEARCHMENUSEARCHAutomotive dealers should follow the National Automobile Dealers Association's consumer-friendly guidelines in order to minimize their legal risks.
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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.
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First Investors Financial Service Group was charged with providing inaccurate information to credit reporting agencies due to a known computer glitch. The finance company was ordered to pay a fine and identify and correct affected consumer credit profiles.
Read More →The deadline to enter F&I and Showroom's F&Idol contest has been extended to Monday, Aug. 25. At stake is up to $3,500 in prize money and a trip to Industry Summit 2014.
Read More →An investigation of a Toyota dealership in Kingston found that 27 customers were charged an additional undisclosed $650 fee when they purchased their vehicle at the end of the lease. No additional services were provided for payment of this fee.
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Industry associations responded this week to a New York Times opinion piece claiming that subprime auto lending is a predatory practice that stands to go the way of subprime mortgages.
Read More →Asking customers to divulge sensitive information about themselves can sometimes lead to a polarizing exchange between the F&I manager and customer. The magazine’s compliance insider offers a few ways to put customers at ease.
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The magazine’s resident F&I pro thinks F&I managers can take a cue from the Duke of Wellington, who once said, ‘Wise people learn when they can. Fools learn when they must.’
Read More →While working as a cashier, a former employee of a Pennsylvania dealership performed multiple unauthorized refund transactions and refunded the money to her own checking account. She was sentenced this week to four years of probation, including one year of house arrest.
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Legislation regulating the influence captive finance sources have on F&I product sales has popped up around the nation this year, but the industry disagrees on what is driving these state-by-state battles.
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In a regulatory filing Thursday, Santander Consumer USA disclosed that it has received a civil subpoena from the U.S. Department of Justice requesting documents related to subprime auto lending. Earlier in the week, GM Financial filed a similar report.
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