Articles
Line 1 Is Not a Junk Drawer
Rolling products into the cash price — even if the bank told you to — misrepresents the vehicle’s value and runs afoul of four federal laws.
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F&I Showroom Magazine
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SEARCHMENUSEARCHRolling products into the cash price — even if the bank told you to — misrepresents the vehicle’s value and runs afoul of four federal laws.
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A New Jersey housing bias case the Supreme Court agreed to hear could end in settlement. If an agreement isn’t reached, the high court could strike down the CFPB’s use of the disparate impact theory in its scrutiny of rate participation programs.
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CFPB Director Richard Cordray responded Monday to lawmaker demands for information on the bureau’s investigation of the indirect financing channel. The director delivered his response a day before Ally revealed in a filing with the SEC that it may be facing ECOA violations.
Read More →The reopening of government in mid-October helped used-vehicle sales realize a 3.63 percent increase from a year ago, CNW Research calling the increase “somewhat weaker” than expected.
Read More →As part of a settlement for misrepresenting the condition of the cars it sold, Lencore Leasing agreed to pay a $66,000 fine.
Read More →This week, 11 Democrats and 11 Republicans issued a letter to CFPB Director Richard Cordray, demanding transparency in how the bureau is determining the presence of discriminatory practices in the indirect financing channel.
Read More →A U.S. bankruptcy judge accused Ally Financial of sending confusing letters to bankrupt customers that demanded payments on debts they no longer owed. Ally was ordered to pay $11,000 to a recipient of such a letter.
Read More →The former operator of a West Texas dealership and two others are accused of devising a plan to approve loans for customers who did not meet a credit union’s lending standards. The credit union lost $3.9 million as a result of the scam.
Read More →Auto dealer Koroush Ghasemi of ABC Auto Sales in Denver is under investigation after more than 40 former clients claimed the dealer never sent them titles for their new vehicles.
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The hot-button issue for the NADA in 2014 will be the CFPB’s targeting of the indirect financing channel, incoming NADA Chairman Forrest McConnell tells F&I and Showroom.
Read More →The former sales manager at Serra Nissan was indicted by a federal grand jury for bank fraud. He pleaded not guilty to devising a scheme to defraud Capital One Auto Finance.
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