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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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We’ve talked a lot about “process and procedure” in these columns, particularly as it relates to compliance. The operative word here is good, because procedures that conform to a lesser standard can really put a dent in your retirement plan.
Read More →Red Flag Compliance will require a combination of dealer-created procedures, legal counsel and technology.
Read More →A post made on Oct. 2 on the magazine’s F&I Forum made me think, “What a great story of a dealer doing it right.” But that was before I talked to Mark O’Neil, CEO of DealerTrack, about something he discussed during his keynote address at the magazine’s September F&I Conference and Expo.
Read More →You may recall the drama that played out in 2003 with regards to renewing certain provisions of the Fair Credit Reporting Act (FCRA). They were set to expire at the end of that year (if you don’t recall, trust me, folks in D.C. were losing sleep over this).
Read More →Unifying the front-end is definitely a top-of-mind topic these days, but there are several compliance issues to keep in mind. Compliance expert runs through five possible issues, and shows how the F&I office can solve each one.
Read More →Since the passage of the California Car Buyer’s Bill of Rights fewer than 36 months ago, 15 bills have been introduced in seven states. Compliance expert warns dealers across the nation to get prepared for the legislation’s spread.
Read More →Let’s face it — dealers get sued for a lot of things; sometimes it’s justified, sometimes not. The savvy dealer knows this and takes steps to manage risk accordingly.
Read More →There may not be any federal or state laws governing the use of the menu, but that doesn’t mean there aren’t rules to follow. F&I consultant runs through a few best practices that can help you avoid getting into compliance hot water.
Read More →In past columns I’ve talked about compliance as a value proposition —something that often is hard to quantify except in comparison to “what might happen.” After numerous years in this business, I have to say the old adage, “an ounce of prevention is worth a pound of cure,” perfectly sums up the value of good compliance practices.
Read More →In Wisconsin, dealers who spot a vehicle and can’t secure financing are required by law to finance the purchase. California law requires a specific form for recontracting. Find out what else you need to know about spot deliveries.
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