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NADA Chairman: Hope for the Best, Prepare for the Worst

Jeff Carson likened his year as chairman of the NADA to piloting a plane during a ‘catastrophic electrical failure,” noting that he experienced situations where he started out on what seemed a routine path only to have outside events toss his flight plan out the window.

January 30, 2017

Firm Urges Dealers to Remain Vigilant in Wake of CFPB Ruling

Automotive Compliance Consultants warned dealers not to let their guard down after last week’s federal appeals court ruling that the CFPB’s structure is unconstitutional. The firm said other regulators have taken note of the bureau’s activities, adding that next month’s elections will determine if the ruling has teeth.

October 18, 2016

The CFPB's Misguided Crusade

AFIP's executive director has some choice words for President Obama, Sen. Warren and the 'smartest guys in the room.'

February 5, 2016

Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations

The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.

February 3, 2016

House Republicans Ask Attorney General to Halt Ally Settlement Payouts

Republican member of the House Financial Services Committee have once again release internal CFPB documents. This time, the documents show that some settlement checks being dispersed as part of the bureau’s $98 million settlement with Ally Financial and Ally Bank have been going to white borrowers.

January 21, 2016

CFPB: BHPH Dealer to Pay $800,000 for Abusive Financing Practices

The Consumer Financial Protection Bureau has taken action against Herbies Auto Sales for abusive financing schemes, hiding auto finance charges and misleading consumers. The buy-here, pay-here operation was ordered to pay $700,000 in restitution and a civil penalty of $100,000.

January 21, 2016

BMO Completes Acquisition of GE's Transportation Finance Business

CFPB Releases Fall 2015 Rulemaking Agenda

The Consumer Financial Protection Bureau recently released its fall 2015 rulemaking agenda. In it, the CFPB outlined its list of current initiatives that would help it govern consumer finance markets, including the auto finance industry.

November 24, 2015

R.I.P. Payment Packing

The AFIP’s executive director says it’s time to say goodbye and good riddance to a relic of F&I’s past. He explains why ‘a little wiggle room’ hurts new-car gross and puts sales at risk.

November 13, 2015

NADA Files Second Request for Internal CFPB Documents

The NADA has filed a second Freedom of Information Act request for internal CFPB documents that allegedly show the bureau intended to regulate the auto finance market through enforcement action. An earlier request was denied.

October 8, 2015

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

NADA Expands Effort to Protect Dealer-Assisted Financing

As part of a new initiative to preserve the indirect financing channel, the National Automobile Dealers Association has created a new website and a video including testimonials from real consumers who benefited from receiving financing through a dealership.

September 17, 2015

Solving the CFPB Problem

Solving the CFPB Problem

The man who has led the NADA’s regulatory advocacy efforts since 2006 believes the tide may be turning in the CFPB’s attack on dealer participation.

August 28, 2015