An integrated solution just may be the answer to reduce the cost and hassle of F&I compliance.
F&I Compliance Tip: Save and Store Your Pencils
In terms of compliance, saving pencils matters because it guards against misunderstanding and is helpful in terms of showing an auditor, regulator, or plaintiff’s attorney how a deal progressed.
F&I Compliance Tip: Monitor Dealership Activity
In order to maintain compliance, dealership management must be prepared and proactive, with comprehensive training and real-time monitoring.
F&I Compliance Tip: Properly Disclose Aftermarket Products
Consistency is the key to creating the type of experience that meets compliance standards and helps to create an environment of trust and credibility.
F&I Compliance Tip: Adverse Action Notices
An “adverse action” is, basically, a refusal to grant credit, the termination of an account, or the changing of an account’s terms in a manner unfavorable to the consumer.
The FTC’s 7 Deadly Sins of Dealer Advertising
If you thought 2015 was active with the FTC’s “Operation Steer Clear” and “Operation Ruse Control” sweeps, this year promises more of the same. You can protect your dealership by learning the FTC’s seven deadly dealership advertising sins…
A view from the other side: Dealer practices that rile up plaintiffs' lawyers
In light of the ongoing increase in oversight activity, Dealertrack’s Compliance Counsel Randy Henrick recently conducted an interview with a very successful plaintiff’s attorney. And while she’s not an “enemy,” she represents a successful courtroom adversary, one who has won a number of $100,000+ settlements and judgments against automotive dealers in her home state. Her perspectives might have real value for your business.
CFPB goes on the offensive in auto finance. Or did they?
With several rulings and actions, the CFPB’s recently released Summer Supervisory Highlights and subsequent field hearing in September 2014 may seem to be yet another attack from the CFPB. But a closer look reveals that the release of the Summer Supervisory Highlights and subsequent field hearing may signal a softening of the agency’s harsh 2013 Auto Finance Guidance. Nevertheless, in the report, and at the hearing, the CFPB took five key steps that will most certainly impact automotive lending practices.
Prospective Creep of CFPB into Auto Finance
The Consumer Financial Protection Bureau’s (“CFPB”) newly-appointed Director, Richard Cordray, is no friend of auto dealers. When he was Attorney General of Ohio, Mr. Cordray brought numerous actions against dealers for alleged violations…
