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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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According to The Herald-Palladium, a former employee of a Michigan car dealer pleaded guilty to stealing $94,000 from the store.
Read More →Open Dealer Exchange, a joint venture between ADP and Reynolds and Reynolds, issued a release saying the Consumer Financial Protection Bureau’s focus on auto lending calls for automated documentation.
Read More →A used-car dealer is suing state police and Tri-Star Motors for falsely implicating him on theft charges. He was accused of conspiring with a Tri-Star used-car manager to undervalue trade-in vehicles so he could buy them at lower prices.
Read More →Hyundai and Kia Motors have settled litigation with car owners affected by overstated fuel economy ratings on vehicles sold between 2011 and 2013. Affected consumers will be given an option to accept a single “lump sum” payment or take part in a lifetime reimbursement program the OEM created in late 2012.
Read More →The Post and Courier reports that employees at two Charleston car dealerships schemed low-income buyers into buying vehicles they could not afford.
Read More →The operator of D&D Auto Sales, two employees and a state Motor Vehicle Commission technician were charged with acquiring fraudulent “clean” titles for eight flood-damaged vehicles and selling seven of them to customers.
Read More →The magazine’s legal insider doesn't believe the bureau has jurisdiction over the F&I products industry, but she admits there’s too much gray area in the Dodd-Frank Act to know for sure.
Read More →Industry insider issues a warning to finance sources that restrict a dealer’s freedom to choose which F&I products are offered to car buyers.
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Industry representatives and consumer advocacy groups squared off in Washington, D.C., last month for the CFPB’s first public forum on auto lending. The event revealed the tightrope the bureau is walking between preserving a rebounding market and strengthening consumer protections.
Read More →The settlement is the department’s third largest fair lending agreement and largest ever auto lending agreement.
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