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Reports and accounts at variance show auto dealers’ trust profiles have risen in many consumers’ minds but that there remains a need for greater transparency by some.
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Massachusetts Attorney General Maura Healey has filed a complaint against a used-car dealer who allegedly had customers fill out blank contracts and then charged them at least twice the agreed-upon price for defective cars.
Read More →Alabama Attorney General Luther Strange was granted a temporary restraining order against the owners of a used-car dealership, as well as permission to seize the dealer’s property.
Read More →For the sixth time, President Barack Obama has included language in his annual budget that would end some of the tax benefits enjoyed by reinsurers. Market insiders don’t believe it will gain support from the Republican-controlled Congress.
Read More →Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.
Read More →A coalition of five trade groups representing the nation’s largest auto finance sources urged the CFPB to review and respond publicly to a study that questions its methodology for measuring disparities in dealer reserve.
Read More →U.S. Custom officials seized a vehicle from a freighter bound for Africa after a Louisiana dealership reported that the credit cards used to purchase the car online were declined.
Read More →To date, the F&I product provider has returned $329 million through its dealer participation plans, with company officials noting that 2014 distributions exceeded the highest return since the inception of those programs.
Read More →The FTC unanimously approved a final order settling its deceptive advertising complaint against Dallas-based Trophy Nissan, which was charged on Dec. 23 with violating the FTC Act, the Consumer Leasing Act and the Truth in Lending Act.
Read More →Two used-car dealerships and their owner reached a settlement this month with the Department of Justice and the state attorney general. The settlement resolves a lawsuit that alleged the dealerships charged African American buyers more for loans and repossessed vehicles without reasonable notice.
Read More →Penske Automotive Group realized a 16% increase in revenue and a 14% bump in adjusted income from continuing operations in 2014’s fourth quarter. The dealer group’s CEO also discussed its plan to pilot the NADA’s fair credit compliance program at four stores.
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