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 Ally — not dealers — will directly refund the unearned portion of GAP waivers and insurance to borrowers within 45 days of the paid-in-full date.
In announcing the rule, the bureau used wording the American Financial Services Association said makes an important distinction between traditional installment lending and payday and title lending.
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 when it rushed to settle with the bank last year for opening unauthorized customer accounts. It also accused the bureau of withholding a memo backing its claims.
CitiFinancial has agreed to pay $907,000 to settle U.S. Department of Justice charges that it illegally repossessed vehicles sold to active-duty military members.
In a surprise addition to the P&A Leadership Summit agenda, Matthew Bartle and David Marcus of Bartle & Marcus LLC will address General Motors’ recent directives regarding the sale of non-OEM parts and service contracts.
The NADA Foundation is calling on dealers and dealer association groups to donate online to its emergency relief fund. Dealership employees affected by the flooding can apply for financial assistance.
Rasmussen is highly regarded for the breadth and depth of his industry knowledge and experience in representing major players in car, truck, bus, and motorcycle sales, finance, and technology. He counts the California New Car Dealers Association as one of his former clients.
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 automaker. Dealers who don’t comply face possible termination of their franchise agreement.
The office of New York Attorney General Eric Schneiderman announced that Nissan of New Rochelle will pay $298,211 in restitution, penalties and fees to settle claims the dealership charged hundreds of car buyers thousands of dollars for an ‘unwanted and bogus’ theft-deterrent product.
Trainer, author, forecaster and industry firebrand Jim Ziegler will deliver the keynote address at the upcoming Compliance Summit.
Attendees who register by midnight this Friday, Aug. 18, will enjoy a $100 discount on a full-conference pass. Industry Summit is co-located with The Best Training Day Ever and includes F&I Think Tank, the Special Finance Conference, Compliance Summit, and Automotive Compliance Specialist certification by Automotive Compliance Education.
LearnToLead founder and nationally recognized leadership trainer Dave Anderson will deliver the Tuesday afternoon keynote address at this year’s Industry Summit as part of the Best Training Day Ever agenda.
Wells Fargo has once again found itself under regulatory scrutiny following an internal review and external inquiry that may have uncovered funds owed to car buyers who purchased GAP and paid their loans off early.
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 rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).
F&I Think Tank’s ‘The Director’s Chair’ will feature the F&I director for the magazine’s 2016 F&I Dealer of the Year in Tom Andrews, as well as former F&I Pacesetters Dan Mason and Justin Gasman. It will also feature His Madness, Marv Eleazer, as moderator.
Dealers and F&I professionals from across the nation gathered at the Caribe Royale Orlando on Monday, Oct. 8, for Compliance Summit 2018. Attendees enjoyed a full day of advanced training, keynotes, and networking sessions, followed by Automotive Compliance Education (ACE) certification on Tuesday.
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