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.
A new-to-market, data-driven solution has reignited the discussion over intentional vehicle overvaluation, a form of bank fraud that remains prevalent despite a string of dealer lawsuits and regulatory actions.
Black Book has unveiled Asset Verification Tool, a proprietary VIN-level identifier designed to help auto finance sources reduce the risk of fraud at loan origination.
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.
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.
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