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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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NEW HAVEN, Conn. -- Four employees of Shoreline Mitsubishi in Branford, Conn., involved in a wire and mail fraud trial are accused of forging sales documents to make poor customers eligible for car loans and adding hundreds or thousands of dollars in hidden fees to boost profits and commissions, reported The Associated Press.
Read More →CHARLOTTE, N.C. -- Employees of a longtime area auto dealer have been accused of falsifying loans for more than five years.
Read More →Although dealers still have many questions about the requirements of the Patriot Act, the government will not consider ignorance as a viable defense. Compliance must be a top priority in all dealerships.
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A few industry veterans share their thoughts about the general climate of F&I and how technology, training and new regulations will impact the industry in the future.
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Every new F&I sales tool requires careful evaluation. See if video presentations are right for your dealership after weighing these pros and cons.
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To avoid being a target for government investigation or a private lawsuit, a savvy dealer should avail himself of all compliance safeguards and avoid the potholes.
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Communicating your dealership's policies and procedures in clear, plain language improves the chances of them being followed.
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Conducting business ethically and honestly must be embraced by every employee for a compliance policy to be effective. When deviations occur, clear consequences should be upheld.
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Although the feds are still determining how to enforce the FACT Act, it will certainly affect all businesses that deal with consumer credit information, including auto dealerships.
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The media, attorneys and consumer advocates are waging war on finance reserve. Arm your dealership to weather the battle unscathed.
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