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Categories: Compliance, Dealer Ops
Calif. Governor Vetoes Dealer Protection Bill

In an unexpected decision, California Gov. Jerry Brown vetoed a dealer protection bill unanimously passed by the California State Legislature. The sticking...

https://www.autodealertodaymagazine.com/350984/calif-governor-vetoes-dealer-protection-bill
Categories: Auto Finance, Dealer Ops, F&I
Fed Reserve Approves Third Rate Hike of 2018

The Federal Reserve on Wednesday raised interest rates for the third time this year and signaled it will raise the cost of borrowing again in December....

https://www.autodealertodaymagazine.com/350987/fed-reserve-approves-third-rate-hike-of-2018
Categories: Auto Finance, Dealer Ops, Digital, F&I
Cox Automotive’s O’Neil to Retire in February

The tech firm confirmed this week reports that COO Mark O’Neil plans to retire this February. He’ll depart almost four years after Cox’s acquisition of...

https://www.autodealertodaymagazine.com/350997/cox-automotives-oneil-to-retire-in-february
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Pa. Dealer Agrees to Pay $2.1 Million to End Prosecution Into Bank Fraud

According to the U.S. Attorney’s Office, Hallman Chevrolet falsified loan documents as well as costume jewelry brought in by customers as collateral for...

https://www.autodealertodaymagazine.com/351032/pa-dealer-agrees-to-pay-2-1-million-to-end-prosecution-into-bank-fraud
Categories: Auto Finance, Compliance, Dealer Ops, F&I
AG Coalition: CFPB Has 'No Authority to Overrule' High Court’s ECOA Interpretation

A coalition of 14 attorneys general warned CFPB Acting Director Mick Mulvaney against taking any action to reinterpret ECOA as not providing for disparate...

https://www.autodealertodaymagazine.com/351037/ag-coalition-cfpb-has-no-authority-to-overrule-high-courts-ecoa-interpretation
Categories: Auto Finance, Dealer Ops, F&I
Experian: Finance Amounts, Monthly Payments Reach New Highs in Q2

Affordability remains a concern despite finance sources continuing to tighten underwriting standards, according to the firm. Consumers, however, seem...

https://www.autodealertodaymagazine.com/351042/experian-finance-amounts-monthly-payments-reach-new-highs-in-q2
Categories: Auto Finance, Dealer Ops, Showroom, Training
CNCDA: Calif. New-Vehicle Registrations Fall for the Fifth Straight Quarter

Despite the decline, the trade group expects the California market will end the year with around 2 million new-vehicle registrations. That would be a slight...

https://www.autodealertodaymagazine.com/351048/cncda-calif-new-vehicle-registrations-fall-for-the-fifth-straight-quarter
Categories: Dealer Ops, F&I
Calif. Board: GM Violated State Law in Attempting to Cancel Dealer's Franchise

In an Aug. 13 ruling, the California New Motor Vehicle Board sided with Folsom Chevrolet in a case that calls into question the way General Motors and other...

https://www.autodealertodaymagazine.com/351052/calif-board-gm-violated-state-law-in-attempting-to-cancel-dealers-franchise
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Senate Committee Narrowly Confirms Trump's Pick to Head BCFP

The U.S. Senate Banking Committee narrowly approved the nomination of Kathy Kraninger to head the Bureau of Consumer Financial Protection. The vote sends...

https://www.autodealertodaymagazine.com/351059/senate-committee-narrowly-confirms-trumps-pick-to-head-bcfp
Categories: Dealer Ops, F&I
TFS President and CEO Mike Groff to Retire; Successor Named

Mike Groff was employee No. 7 when he joined a fledgling Toyota Motor Credit Corp in 1983. The captive’s president and CEO will retire on Aug. 31. Replacing...

https://www.autodealertodaymagazine.com/351098/tfs-president-and-ceo-mike-groff-to-retire-successor-named
Categories: Auto Finance, Compliance, Dealer Ops, F&I
FTC Charges Arizona Group With Falsifying Incomes on Consumer Credit Apps

According to the regulator, this was the FTC’s first action alleging income falsification by dealerships. Charged are the owners of Tate’s Auto Group, which...

https://www.autodealertodaymagazine.com/351106/ftc-charges-arizona-group-with-falsifying-incomes-on-consumer-credit-apps
Categories: Auto Finance, Dealer Ops, Digital, F&I
AutoGravity Names New CEO, CTO

Alex Mallman, who most recently served as president and CEO of Mercedes-Benz Auto Finance China, replaces AutoGravity’s co-founder and CEO Andy Hinrichs,...

https://www.autodealertodaymagazine.com/324064/autogravity-names-new-ceo-cto
Categories: Auto Finance, Dealer Ops, Digital, F&I, Showroom, Training

The deal was first reported on Sunday by The Banks Report, which described the pending acquisition as checking off 'several boxes for CDK while filling a...

https://www.autodealertodaymagazine.com/324057/cdk-global-to-acquire-elead1one
Categories: Compliance, Dealer Ops, F&I, Showroom, Training
FTC, 12 Partner Agencies Conduct Used Car Rule Compliance Sweep

The compliance sweep, which took place in seven states, is the first since the agency's new Used Car Rule took effect earlier this year. Dealers who failed...

https://www.autodealertodaymagazine.com/324056/ftc-12-partner-agencies-conduct-used-car-rule-compliance-sweep
Categories: Auto Finance, Compliance, Dealer Ops
CFPB Official Who Sued Trump Resigns, Drops Suit

The CFPB official who went to court last year after Trump appointed Mick Mulvaney as acting director announced on Friday she is leaving the embattled...

https://www.autodealertodaymagazine.com/324042/cfpb-official-who-sued-trump-resigns-drops-suit
Categories: Auto Finance, Dealer Ops, Showroom, Training

Retail sales for the first half of 2018 are expected to be the weakest since 2014, but record transaction prices have consumers on pace to spend nearly $5...

https://www.autodealertodaymagazine.com/324024/lmc-j-d-power-first-half-retail-sales-weakest-in-four-years
Categories: Auto Finance, Dealer Ops, Digital, F&I, Showroom, Training
Updated: Roadster Secures New Funding, Announces New Ties With Lithia, Lexus

The startup’s war chest now totals $30 million after securing $15 million in new funding. The announcement comes on the heels of two other major...

https://www.autodealertodaymagazine.com/324018/updated-roadster-secures-new-funding-announces-new-ties-with-lithia-lexus
Categories: Auto Finance, Dealer Ops, F&I
Fed Reserve Approves Second Rate Hike of 2018

For the seventh time since 2015, the Federal Reserve increased the Federal Funds Rate a quarter percentage. Cox Automotive economists say higher interest...

https://www.autodealertodaymagazine.com/323988/fed-reserve-approves-second-rate-hike-of-2018
Categories: Auto Finance, Dealer Ops, F&I
Experian: Americans Borrow Record Amounts for Auto Purchases in Q1

The dream of owning a new vehicle is becoming more elusive for the average American consumer, with the average amount financed and monthly payment for a new...

https://www.autodealertodaymagazine.com/323957/experian-americans-borrow-record-amounts-for-auto-purchases-in-q1
Categories: Auto Finance, Compliance, Dealer Ops, F&I

The president’s signature comes exactly five years and two months after the bureau put the auto finance industry on notice with its controversial guidance...

https://www.autodealertodaymagazine.com/323939/trump-signs-repeal-of-cfpbs-dealer-participation-guidance
Categories: Auto Finance, Compliance, Dealer Ops, F&I

As expected, the House approved the resolution of disapproval of the CFPB's guidance on dealer participation. With the Senate having voted on the resolution...

https://www.autodealertodaymagazine.com/323920/house-approves-resolution-to-repeal-cfpbs-dealer-participation-guidance
Categories: Auto Finance, Dealer Ops, F&I

The Federal Reserve voted unanimously to maintain the target range for the federal funds rate at 1.5% and 1.75%, but it hinted at a possible rate hike in June.

https://www.autodealertodaymagazine.com/323913/federal-reserve-keeps-rates-steady
Categories: Compliance, Dealer Ops, F&I
Calif. Dealers Seek New Protections Under State's Franchise Laws

New legislation aimed at strengthening dealer protections under California’s franchise laws will have its first committee hearing on Monday. One of its...

https://www.autodealertodaymagazine.com/323877/calif-dealers-seek-new-protections-under-states-franchise-laws
Categories: Auto Finance, Compliance, Dealer Ops, F&I
U.S. Senate Approves Resolution to Repeal CFPB’s Dealer Participation Guidance

Today’s vote leaves it up to the House of Representatives to pass its version of the joint resolution of disapproval. Once that happens, only the...

https://www.autodealertodaymagazine.com/323874/u-s-senate-approves-resolution-to-repeal-cfpbs-dealer-participation-guidance
Categories: Auto Finance, Dealer Ops, F&I

The subprime finance source’s president since April 2007 will retire on June 30, CEO Brett Roberts announced in a recent regulatory filing.

https://www.autodealertodaymagazine.com/323856/credit-acceptances-steve-jones-to-retire
Categories: Auto Finance, Compliance, Dealer Ops, F&I

According to a report in The Wall Street Journal, the review of GAP refunds the bank initiated last year has expanded to other F&I products and services.

https://www.autodealertodaymagazine.com/323851/wells-fargo-reviewing-fi-products-as-regulatory-pressure-builds
Categories: Auto Finance, Dealer Ops, F&I
TransUnion: Auto Loan Growth Slowing

Originations continued to fall at a faster rate than previous years, as finance sources continued to tighten underwriting standards during 2017’s...

https://www.autodealertodaymagazine.com/323735/transunion-auto-loan-growth-slowing
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Military Lending Act's December Update More Harmful Than First Thought

A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else...

https://www.autodealertodaymagazine.com/323734/military-lending-acts-december-update-more-harmful-than-first-thought
Categories: Auto Finance, Dealer Ops, F&I

Credit scores in the fourth quarter of 2017 were only a half a point higher than the median score recorded during the first quarter of 2009. And according...

https://www.autodealertodaymagazine.com/323725/new-york-fed-credit-scores-rise-as-household-debt-reaches-new-peak
Categories: Auto Finance, Compliance, Dealer Ops, F&I
BB&T Switches Back to Markups as CFPB Shifts Away From Enforcement

BB&T announced its move about a week after the CFPB’s acting director stripped enforcement powers from the division responsible for pursuing discrimination...

https://www.autodealertodaymagazine.com/323718/bbt-switches-back-to-markups-as-cfpb-shifts-away-from-enforcement
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Appeals Court Rules CFPB Structure Is Constitutional

On Wednesday, the D.C. Court of Appeals ruled 7-3 that a provision in the Dodd-Frank Act that says the CFPB director can only be removed for cause does not...

https://www.autodealertodaymagazine.com/323696/appeals-court-rules-cfpb-structure-is-constitutional
Categories: Dealer Ops, F&I
Zurich to Focus Heavily on F&I in 2018

Zurich North America is reshaping its dealer P&C portfolio to address 'persistent underperformance due to continued volatility associated with large and...

https://www.autodealertodaymagazine.com/323672/zurich-to-focus-heavily-on-fi-in-2018
Categories: Auto Finance, Compliance, Dealer Ops, F&I

Based on an interpretive rule issued by the Defense Department on Dec. 14, including credit-protection products like GAP in a servicemember’s vehicle...

https://www.autodealertodaymagazine.com/323619/updated-core-fi-product-could-put-some-auto-finance-deals-under-military-lending
Categories: Auto Finance, Compliance, Dealer Ops, F&I

The Fair Credit Reporting Act’s ‘business records turnover provision’ requires that business provide free of charge and without subpoena records relating to...

https://www.autodealertodaymagazine.com/323614/ftc-reminds-businesses-of-duties-to-victims-of-identity-theft
Categories: Compliance, Dealer Ops, Digital

Add Cox Automotive to the growing list of tech vendors and dealers alleging that CDK and Reynolds and Reynolds Co. conspired to eliminate competition for...

https://www.autodealertodaymagazine.com/323606/cox-automotive-files-antitrust-lawsuit-against-cdk-global
Categories: Auto Finance, Compliance, Dealer Ops, F&I

The Government Accountability Office said on Tuesday that the bureau’s March 2013 bulletin on dealer participation falls under the Congressional Review Act,...

https://www.autodealertodaymagazine.com/323597/goa-says-congress-can-review-cfpbs-guidance-on-dealer-participation
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Judge Sides With Trump in Battle for Control of CFPB

A federal judge refused to block the appointment of Mick Mulvaney as interim director of the Consumer Financial Protection Bureau, but the Trump...

https://www.autodealertodaymagazine.com/323578/judge-sides-with-trump-in-battle-for-control-of-cfpb
Categories: Auto Finance, Compliance, Dealer Ops, F&I
F&I Pacesetters: Bob Moore Cadillac of Edmond

The Edmond, Okla., Cadillac dealership is one of two Cadillac stores in the Bob Moore Auto Group, a 14-rooftop dealer group founded by Robert W. Moore.

https://www.autodealertodaymagazine.com/311079/fi-pacesetters-bob-moore-cadillac-of-edmond
Categories: Compliance, Dealer Ops, F&I
Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it...

https://www.autodealertodaymagazine.com/323514/pence-casts-tiebreaking-vote-to-kill-cfpbs-arbitration-rule
Categories: Compliance, Dealer Ops, F&I
Ally Takes Control of GAP Refunds

The finance source’s new policy took effect days before new allegations surfaced that Wells Fargo failed to deliver GAP refunds to borrowers. It states that...

https://www.autodealertodaymagazine.com/323486/ally-takes-control-of-gap-refunds
Categories: Auto Finance, Compliance, Dealer Ops, F&I
CFPB Finalizes Small-Dollar Lending Rule

In announcing the rule, the bureau used wording the American Financial Services Association said makes an important distinction between traditional...

https://www.autodealertodaymagazine.com/323480/cfpb-finalizes-small-dollar-lending-rule
Categories: Auto Finance, Compliance, Dealer Ops
House Republicans Say CFPB Prematurely Suspended Wells Fargo Investigation

House Republicans charged in a new report that the CFPB missed an opportunity to uncover Wells Fargo’s recently revealed insurance and GAP refund issues...

https://www.autodealertodaymagazine.com/323446/house-republicans-say-cfpb-prematurely-suspended-wells-fargo-investigation
Categories: Auto Finance, Dealer Ops, F&I, Showroom, Training
Black Book: Harvey May Have Totaled 1 Million Vehicles

Black Book issued its estimate days after Cox Automotive Chief Economist Jonathan Smoke said the number of damaged vehicles could reach half a million. With...

https://www.autodealertodaymagazine.com/323404/black-book-harvey-may-have-totaled-1-million-vehicles
Categories: Auto Finance, Compliance, Dealer Ops, F&I
GM: Dealers Must Disclose Non-GM Parts, Service Contracts

General Motors dealers who sell non-GM service contracts, parts and accessories must now disclose to their customers that the products are not backed by the...

https://www.autodealertodaymagazine.com/323386/gm-dealers-must-disclose-non-gm-parts-service-contracts
Categories: Auto Finance, Compliance, Dealer Ops, F&I
State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration...

https://www.autodealertodaymagazine.com/323350/state-ags-urge-u-s-senate-to-reject-resolution-to-block-cfpbs-arbitration-rule
Categories: Auto Finance, Compliance, Dealer Ops, F&I

The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in...

https://www.autodealertodaymagazine.com/323327/u-s-house-passes-resolution-to-block-cfpbs-arbitration-rule
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Republicans Challenge CFPB’s Arbitration Rule

The day after the Consumer Financial Protection Bureau published its new arbitration rule in the Federal Register, House and Senate Republicans filed joint...

https://www.autodealertodaymagazine.com/323321/republicans-challenge-cfpbs-arbitration-rule
Categories: Auto Finance, Dealer Ops, F&I
Credit Tightening at Wells Fargo to Continue Into 2018

With second quarter originations plunging 45% from a year ago on tightening underwriting standards, bank execs said they expect originations to continue...

https://www.autodealertodaymagazine.com/323310/credit-tightening-at-wells-fargo-to-continue-into-2018
Categories: Compliance, Dealer Ops, F&I
Three States Pass GAP Laws

The Guaranteed Asset Protection Alliance, a lobbying group made up of GAP providers, administrators and finance sources, was instrumental in getting two of...

https://www.autodealertodaymagazine.com/323291/three-states-pass-gap-laws
Categories: Auto Finance, Compliance, Dealer Ops, F&I
CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts

The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory...

https://www.autodealertodaymagazine.com/323279/cfpb-issues-rule-banning-arbitration-clauses-in-finance-contracts


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