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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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In a regulatory filing this week, TrueCar said it considers a federal antitrust case against dealers to be closed. The FTC was looking into whether dealers refusing to do business with the car-shopping site back in 2011 and 2012 violated the FTC Act.
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AMG Auto Connection and its owner are accused of violating Ohio’s Certificate of Motor Vehicle Title Act after the dealership failed to deliver a car title in the time frame required by law.
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The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to a regulatory filing.
Read More →Industry Summit 2015 will feature three workshops and two panel discussions that will address the current regulatory climate, provide a review of the current rules and regulations, and provide practical tips on how F&I managers can make compliance work for them.
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The Wall Street Journal reported this week that the CFPB is urging Fifth Third Bank to cap dealer markup as part of a potential settlement with the regulator.
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The New York attorney general’s crackdown on an F&I product provider and the dealerships that sold its credit repair services comes at a time when federal regulators are expected to tighten the screws on add-on sales.
Read More →A bill supported by GSFSGroup will become law on Sept. 1, effectively aligning Texas reinsurance law more closely with regulations in other states.
Read More →The firm that filed a mass action lawsuit against TrueCar in March has filed a second suit against the car-shopping site, this time on behalf of current TrueCar subscribers.
Read More →This week, Penske Automotive’s chairman said that Honda Financial Corp’s new markup cap will still allow dealers to be fairly compensated. He also noted that the dealer group has had markup caps in place for years.
Read More →This week, a U.S. House committee passed H.R. 1737, a bipartisan bill that aims to repeal the Consumer Financial Protection Bureau’s 2013 guidance on dealer participation.
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