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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
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
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-coverageCiting 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
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
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
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
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-downSonic 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
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
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-impactA 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-payoutAfter 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-packingThe 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-cargurusThe 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
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-practicesCredit 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-reportsThe 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
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-legislationCFPB 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-studyConsumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s...
https://www.autodealertodaymagazine.com/321493/cps-ceo-finance-source-ahead-of-the-compliance-curve
The website, called “Tesla Crash,” was launched by the Connecticut Automotive Retailers Association in response to a bill that would allow the electric...
https://www.autodealertodaymagazine.com/321463/conn-dealer-association-launches-controversial-anti-tesla-site
During a quarterly earnings conference call last week, Ally’s former CEO opened up about General Motors’ unexpected decision to move all of its lease...
https://www.autodealertodaymagazine.com/321444/ally-highly-confident-about-overcoming-boot-from-gm-leasing-programCredit Acceptance has received a civil investigative subpoena from the U.S. Department of Justice, which requested that the finance company produce certain...
https://www.autodealertodaymagazine.com/321350/credit-acceptance-subpoenaed-by-dojToyota 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-allegationsAutobytel executives said that despite talk of AutoNation and other dealer groups moving away from third-party lead providers, the company has seen a 26%...
https://www.autodealertodaymagazine.com/321280/autobytel-unfazed-by-autonations-stance-on-third-party-leads
A representative of the Office of the Comptroller of the Currency says competition is forcing finance sources to take bigger risks. He warns that the...
https://www.autodealertodaymagazine.com/321271/competition-driving-increased-risk-in-auto-finance-regulator-says
Edmunds pulled an online ad campaign last week for its Price Promise program after dealers complained it portrayed them as ‘bad guys’ in the car-shopping...
https://www.autodealertodaymagazine.com/321254/edmunds-pulls-ad-campaign-says-it-missed-the-mark
This month, the Ninth U.S. Circuit Court of Appeals upheld a lower court’s ruling that dismissed a proposed class-action lawsuit against Yelp. The suit...
https://www.autodealertodaymagazine.com/321177/court-rules-yelp-can-manipulate-business-ratings
A coalition of consumer-protection groups asked the FTC to investigate CarMax for selling recalled vehicles. CarMax officials claim the chain is doing the...
https://www.autodealertodaymagazine.com/321015/11-consumer-groups-ask-ftc-to-crack-down-on-carmax
Seven financial organizations issued a letter to the U.S. House of Representatives on May 29 in support of an amendment to an appropriations bill that would...
https://www.autodealertodaymagazine.com/320980/7-financial-organizations-back-disparate-impact-amendment
Fifth Third Bancorp revealed in a regulatory filing this month that its indirect auto loan portfolio is being examined by the Department of Justice to...
https://www.autodealertodaymagazine.com/320940/doj-investigating-fifth-third-banks-auto-lending-practicesThe court’s decision will allow the case pitting 148 defunct Chrysler dealerships against the U.S. government to proceed. The dealerships were closed as...
https://www.autodealertodaymagazine.com/320864/u-s-court-of-appeals-rules-in-favor-of-dropped-chrysler-dealers
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
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
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
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-chargesThe 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-530Officials 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