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Categories: Auto Finance, Compliance, Dealer Ops

Officials with Penske Automotive Group, which reported a record fourth quarter, said the operation will “wait and see” when it comes to adopting the NADA’s...

https://www.autodealertodaymagazine.com/320762/penske-holds-off-on-adopting-nada-compliance-program
Categories: Dealer Ops, Digital, Showroom, Training

The lawsuit, which was filed last April, now lists 530 dealer plaintiffs, with the firm leading the case reporting that new dealers are being added every day.

https://www.autodealertodaymagazine.com/320803/dealer-count-in-carfax-antitrust-suit-reaches-530
Categories: Compliance, Dealer Ops

Toyota Motor Credit Corporation issued a statement to F&I and Showroom regarding last week’s regulatory filing. It revealed that the CFPB and the DOJ are...

https://www.autodealertodaymagazine.com/321317/toyotas-captive-issues-statement-regarding-cfpb-doj-allegations
Categories: Compliance, Dealer Ops, F&I
CFPB is ‘Least Accountable’ Federal Agency, Lawmaker Charges

Rep. Jeb Hensarling, on behalf of the House Financial Services Committee, released a video Monday calling on the CFPB to make its advisory council meetings...

https://www.autodealertodaymagazine.com/320819/cfpb-is-least-accountable-federal-agency-lawmaker-charges
Categories: Compliance, Dealer Ops, F&I
Evergreen Bank Moves to Flat Fees Due to Regulatory Pressures

Earlier this month, Evergreen Bank Group issued a statement about its decision to move to a flat fee pricing model. The move was in response to a low FDIC...

https://www.autodealertodaymagazine.com/320825/evergreen-bank-moves-to-flat-fees-due-to-regulatory-pressures
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: 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

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: 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: 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, 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: 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
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 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

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: 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: 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: 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: Compliance, Dealer Ops
FTC: Sunday Auto Sales Ban Harms Competition

The Federal trade Commission issued a letter last week in support of legislation that would overturn Illinois’ long-standing ban on Sunday car sales....

https://www.autodealertodaymagazine.com/320843/ftc-sunday-auto-sales-ban-harms-competition
Categories: Compliance, Dealer Ops
‘King of Lemon Laws’ Files Suit Against Tesla

Wisconsin Attorney Vince Megna filed a lawsuit against Tesla Motors this week, claiming that the car it sold to his client was a lemon.

https://www.autodealertodaymagazine.com/320859/king-of-lemon-laws-files-suit-against-tesla


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