The CFPB isn’t the only regulator interested in what goes on inside the F&I office. The U.S. Department of Justice also is taking aim at retail installment transactions.
The Consumer Financial Protection Bureau is reportedly looking into the sale of F&I add-ons, a move that comes less than two months after the bureau said it would hold indirect auto lenders responsible for lending practices it considers discriminatory.
Dealers filed a mass action lawsuit Tuesday against Carfax for monopolizing the market. They claim the quality of the firm’s vehicle history reports is lacking, but dealers also say the exclusive agreements the firm has with OEMs and merchandising sites has forced them to be paying customers.
Ally Financial revealed in a March filing with the SEC that it is one of the banking institutions being investigated by the CFPB.
Dealers don't have to worry about spamming their Facebook fans. That's because News Feed settings are filtering out posts.
Experts weigh in on recent reports that the CFPB issued warnings to banks over practices related to auto retail installment sales transactions. If reports are correct, experts believe the CFPB may be stretching the definition of the Equal Credit Opportunity Act too far.
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