The shady practices dealers and F&I professionals once bragged about are now landing many in jail. Compliance expert lists three forms of fraud you can eradicate immediately.
The office of California Attorney General Xavier Becerra has charged the 10-rooftop Paul Blanco’s Good Car Co. with credit application fraud, payment packing, and false and deceptive advertising.
Despite improved industry education and a slew of regulatory enforcement actions, packing payments remains a popular pursuit at dealerships around the nation. Here’s how to prevent this highly illegal practice before it starts.
Top trainer comes to the rescue of an F&I manager who fears an antiquated, discredited, and deceptive sales tactic has taken root at his store.
Bay Ridge Honda has agreed to pay $423,000 in restitution and penalties to settle charges of deceptive acts and practices that followed dozens of complaints from aggrieved customers, many of whom are non-English speakers.
The regulator who has championed New York’s crackdown on payment packing released his office’s Top 10 list of complaints received in 2017. Auto was 1,965 complaints short of the No. 1 complaint category: the internet.
The attorney general's two-year crackdown on payment packing and the unlawful sale of credit repair services has resulted in 13 dealership settlements and more than $19 million in total restitution and penalties.
Three days after the New York attorney general's office reached settlement with a dealer for tacking on etch after customers agreed to prices for vehicles and often without their knowledge, New Jersey Attorney General Christopher Porrino reached an agreement with Sansone Hyundai to settle similar charges.
The office of New York Attorney General Eric Schneiderman announced that Nissan of New Rochelle will pay $298,211 in restitution, penalties and fees to settle claims the dealership charged hundreds of car buyers thousands of dollars for an ‘unwanted and bogus’ theft-deterrent product.
Electronic processes won’t cure the ‘kinks’ who flout the rules and regulations governing F&I, but they will make their bad behavior easier to track.
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