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Fifth Third Bank to Cap Dealer Markups

Fifth Third Bank to Cap Dealer Markups

The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to minority auto loan borrowers, as well as limit its dealer partners’ ability to markup interest rates on auto loans.

September 29, 2015

Santander Faces Class-Action Over ‘Worthless’ GAP Coverage
TrueCar President to Lead Google’s Self-Driving Car Initiative
Dealer Group Accuses Maserati of Inflating Sales Numbers
CNCDA Says Tesla’s Referral Program Violates Bird-Dogging Ban
FTC Closes Antitrust Case Against Dealers, TrueCar Says

FTC Closes Antitrust Case Against Dealers, TrueCar Says

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.

August 13, 2015

CFPB Says Santander Violated Fair Lending Laws

CFPB Says Santander Violated Fair Lending Laws

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.

August 11, 2015

TrueCar’s Painter to Step Down

TrueCar’s Painter to Step Down

TrueCar CEO Scott Painter has announced that he will vacate his post in the wake of second quarter losses of nearly $15 million.

August 6, 2015

CFPB Urges Fifth Third Bank to Cap Dealer Markup

Penske: Honda Rate Cap Provides ‘Workable Framework’

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.

July 30, 2015

Sonic Cautious About CFPB, But Revs Up Hybrid F&I Push

Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the group has given the go-ahead for the first phase of its much-delayed hybrid sales process.

July 21, 2015

CFPB’s Cordray Commends Honda’s New Markup Policy

CFPB’s Cordray Commends Honda’s New Markup Policy

At the CFPB’s semi-annual report to Congress Wednesday, the bureau’s director praised Honda Finance for setting limitations on dealers’ ability to mark up interest rates on auto loans. But he also fielded questions about whether the bureau is overstepping its jurisdiction.

July 16, 2015