Security National Automotive Acceptance Co. agreed to pay $1.25 million to settle the bureau's charges that it failed to pay $2.275 million in consumer redress for illegal debt-collection tactics under the regulator's October 2015 order. But the company did so without admitting to the CFPB's finding, company officials said.
An investigation by the state regulator found hundreds of vehicles were sold with serious safety recall issues, including unintended acceleration, airbag problems, vehicle fires, steering and break lost, among other issues.
A new white paper from F&I Express proposes an automated solution to issues inherent to the F&I product cancelation process.
The magazine’s compliance guru breaks down the Federal Trade Commission’s final revisions to the Used Car Rule. His message to dealers is don’t overthink it.
The income development company has partnered with Automotive Compliance Education LLC to provide its dealer customers with a new F&I compliance certification program, which will be offered through the firm's F&I University.
A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.
The Federal Trade Commission last week approved settlements with CarMax, Asbury Automotive, and West-Herr Automotive Group, which the regulator charged with failing to disclose that some pre-owned vehicles offered for sale had unrepaired safety recalls despite the companies' claims of rigorous vehicle inspections.
This latest settlement, announced on March 30, will be paid to Connecticut, Delaware, Maine, Massachusetts, New York, Oregon, Pennsylvania, Rhode Island, Vermont, and Washington. The settlement was negotiated with attorneys general from each state.
Santander Consumer USA will pay $26 million to settle charges brought by the attorneys general of Delaware and Massachusetts.
The Department of Consumer Affairs (DCA) has filed charges against Queens-based Major World and its three used-vehicle dealerships for allegedly employing deceptive financing and sales practices that targeted low-income and immigrant consumers.
Auto dealer regulations face an uncertain future under the Trump presidency. Two California-based attorneys take a look at the road ahead for the CFPB, the FTC, and state regulators.
In an amicus brief filed last Friday, the Justice Department called on the D.C. Circuit Court to uphold the appellate court's 2-1 ruling in a New Jersey-based mortgage company's closely-watched challenge of the CFPB's authority. The agency says it agrees with the court's unconstitutional ruling and 'at-will' remedy.
Automotive Compliance Education (ACE) and American Financial & Automotive Services partnered to certify American Financial’s entire agent roster.
The more than 1,000 credit unions on CU Direct’s lending platforms maintained their No. 2 spot on Experian’s auto finance leaderboard in January. And with plateauing demand for new vehicles expected to drive up pre-owned sales, the market appears ripe for credit unions to reap further market share gains.
The nine-store, Los Angeles-based Sage Automotive Group will pay $3.6 million to settle charges of deceptive and unfair sales and financing tactics, including yo-yo financing and payment packing.
Dealers and F&I professionals from across the nation gathered at the Caribe Royale Orlando on Monday, Oct. 8, for Compliance Summit 2018. Attendees enjoyed a full day of advanced training, keynotes, and networking sessions, followed by Automotive Compliance Education (ACE) certification on Tuesday.
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