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Dealers must be careful they don’t run afoul of the law when it comes to such deceptive practices, as there are many cases pointing to the potential bad ends of such deals.
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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.
Read More →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.
Read More →In a Securities and Exchange Commission filing this week, GM Financial revealed that it was served with a subpoena by the U.S. Department of Justice. It is requesting documents related to the origination and securitization of subprime auto loan contracts dating back to 2007.
Read More →Automotive Compliance Consultants warned dealers this week to review their arbitration clauses in their finance contracts. The firm says such language is coming under scrutiny from courts and regulators.
Read More →An investigation found that South Auto Sales required consumers financing their vehicle purchase to sign a preprinted repossession waiver that violated state law.
Read More →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.
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