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Categories: Auto Finance, Compliance, Dealer Ops, F&I

CFPB Director Richard Cordray was met with hostility on Tuesday during the bureau’s semi-annual report to Congress. The hearing took place a day before a...

https://www.autodealertodaymagazine.com/321941/cfpb-accused-of-using-junk-science-to-regulate-auto-lending
Categories: Auto Finance, Compliance, Dealer Ops, F&I
Fifth Third Bank to Cap Dealer Markups

The CFPB and DOJ announced two actions against Fifth Third Bank on Monday, one of which requires the finance source to pay $18 million in restitution to...

https://www.autodealertodaymagazine.com/321932/fifth-third-bank-to-cap-dealer-markups
Categories: Compliance, Dealer Ops, F&I
Santander Faces Class-Action Over ‘Worthless’ GAP Coverage

A woman who says she was duped into purchasing “void and worthless” GAP coverage has filed a class action suit against the finance source on behalf of...

https://www.autodealertodaymagazine.com/321929/santander-faces-class-action-over-worthless-gap-coverage
Categories: Dealer Ops, F&I

Citing the doctrine of joint venture, the Colorado Court of Appeals ruled last week that a dealership will be held liable for damages caused by a customer...

https://www.autodealertodaymagazine.com/321905/dealer-liable-for-test-drive-accident-appeals-court-finds
Categories: Dealer Ops, Digital
TrueCar President to Lead Google’s Self-Driving Car Initiative

John Krafcik is stepping down this week as president of TrueCar to take on a new role as CEO of the autonomous car division of Google.

https://www.autodealertodaymagazine.com/321900/truecar-president-to-lead-googles-self-driving-car-initiative
Categories: Dealer Ops, F&I
Let’s Ask Joe

Joe St. John may be the newest F&I trainer at Industry Summit, but he has a long history in the car business and some strong opinions about the future of...

https://www.autodealertodaymagazine.com/310704/lets-ask-joe
Categories: Auto Finance, Compliance, Dealer Ops
CFPB Says Santander Violated Fair Lending Laws

The CFPB has notified the Department of Justice that Santander Consumer USA’s auto lending practices have allegedly violated fair lending laws, according to...

https://www.autodealertodaymagazine.com/321845/cfpb-says-santander-violated-fair-lending-laws
Categories: Dealer Ops, Digital
TrueCar’s Painter to Step Down

TrueCar CEO Scott Painter has announced that he will vacate his post in the wake of second quarter losses of nearly $15 million.

https://www.autodealertodaymagazine.com/321839/truecars-painter-to-step-down
Categories: Auto Finance, Compliance, Dealer Ops, Digital, F&I, Showroom, Training

Sonic executives said the company is delaying plans to launch a captive finance company in light of the CFPB’s recent settlement with Honda Finance. But the...

https://www.autodealertodaymagazine.com/321802/sonic-cautious-about-cfpb-but-revs-up-hybrid-fi-push
Categories: Auto Finance, Compliance, Dealer Ops, F&I
CFPB, DOJ Reach $24M Settlement With Honda Finance

Just two weeks after American Banker reported that the CFPB was planning to cite three captive auto finance companies for policies that allegedly caused...

https://www.autodealertodaymagazine.com/321790/cfpb-doj-reach-24m-settlement-with-honda-finance
Categories: Auto Finance, Compliance, Dealer Ops
Supreme Court Upholds Disparate Impact

In a 5-4 vote, the Supreme Court held that disparate impact claims are cognizable under the Fair Housing Act, dashing the hopes of industry insiders who...

https://www.autodealertodaymagazine.com/321757/supreme-court-upholds-disparate-impact
Categories: Compliance, Dealer Ops

A CFPB official disclosed in a June 15 blog post that the administrator of the Ally settlement fund has begun contacting and mailing checks to borrowers who...

https://www.autodealertodaymagazine.com/321748/cfpb-consumers-will-soon-receive-ally-payout
Categories: Compliance, Dealer Ops, F&I

After three months with no response, Attorney General Eric T. Schneiderman has filed a motion to force a New York dealer group to comply with a subpoena...

https://www.autodealertodaymagazine.com/321721/n-y-ag-goes-after-dealer-for-payment-packing
Categories: Compliance, Dealer Ops

The enforcement division of the Texas DMV has closed its case against CarGurus after the vehicle-shopping site made revisions to its used-car...

https://www.autodealertodaymagazine.com/321663/texas-dmv-closes-case-against-cargurus
Categories: Compliance, Dealer Ops

The Texas Department of Motor Vehicles Enforcement Division has pulled back on its plan to fine dealers with listings on CarGurus.com after the department...

https://www.autodealertodaymagazine.com/321640/texas-dmv-halts-plan-to-fine-dealers-with-cargurus-listings
Categories: Compliance, Dealer Ops
Texas Dealers Could Face Fines Over CarGurus’ Business Practices

Last week, the Texas Department of Motor Vehicles Enforcement Division issued a cease-and-desist letter to CarGurus and the state’s dealer association,...

https://www.autodealertodaymagazine.com/321639/texas-dealers-could-face-fines-over-cargurus-business-practices
Categories: Auto Finance, Dealer Ops, F&I

Credit unions are competing aggressively in the automotive marketplace, financing one in four auto loans so far in 2015, CU Direct reports.

https://www.autodealertodaymagazine.com/321636/credit-unions-now-third-largest-auto-lender-type-cudl-reports
Categories: Auto Finance, Dealer Ops

The tablet-driven, fixed-price F&I process at Asbury’s Q Auto stores didn’t perform as well as the traditional F&I process employed at the group's core...

https://www.autodealertodaymagazine.com/321625/asburys-q-auto-stores-a-work-in-progress
Categories: Auto Finance, Compliance, Dealer Ops
NIADA Takes on Oregon BHPH Legislation

The NIADA, its newly-formed BHPH Commission and Oregon’s independent dealer association are tackling legislation the industry believes could damage the...

https://www.autodealertodaymagazine.com/321598/niada-takes-on-oregon-bhph-legislation
Categories: Compliance, Dealer Ops, F&I

CFPB Director Richard Cordray fielded questions about dealer compliance programs and a recent study calling out the bureau’s methods for determining...

https://www.autodealertodaymagazine.com/321540/cordray-cfpb-disagrees-with-conclusions-of-cra-study


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