The best first line of defense against class action suits is the practice of requiring consumers to sign mandatory arbitration agreements as part of the car purchase and finance transactions they enter into. Attorney Thomas Hudson provides an example of how the use of arbitration agreements saved the day when the class action lawyers came calling.
Accountant David Keller, CPA and CFE, details how buy here pay here sales and collections and having a related finance company (RFC) can complicate accounting.
At Bergeron Auto, compliance is taken seriously. Dealer Denis Bergeron discusses why his dealership in Metairie, La., takes a proactive approach to maintaining compliance.
Dealers who ignore rules and regulations they’re required by law to comply with and instead hope to fly under the radar unnoticed by the Federal Trade Commission and Consumer Financial Protection Bureau might want to ask themselves the following questions posed by Attorney Tom Hudson in this article.
Santa isn’t the only one making a list and checking it twice this time of year. The CFPB and the FTC are making lists that will be used to determine who is naughty and who is nice. Attorney Nicole Munro poses some questions dealers should consider to put together their own compliance checklists.
There are risks involved with all third-party relationships. Chip Zyvoloski, senior attorney within the Indirect Lending business at Wolters Kluwer Financial Services, explains that to protect the dealership’s reputation, dealers should complete due diligence on your third-party vendors.
Attorney Thomas Hudson poses two scenarios about how dealers comply with the Safeguarding Rule. One scenario is about a dealer who initially had good intentions but allowed compliance cobwebs to build up, the other is about a dealer who implements and maintains a compliant process.
Attorney Nicole Munro discusses disclosures required by the Equal Credit Opportunity Act and its implementing Regulation B, along with the Fair Credit Reporting Act, when a consumer applies for secured credit.
Do you watch and calculate how many times your inventory turns each year? Do you know what your return on inventory investment is? David Keller, automotive industry accounting expert, explains how to determine these things and more.
Attorney Nicole Munro explains advertising disclosures required by the Truth-in-Lending Act (TILA) and Regulation Z.
Attorney Tom Hudson discusses how best practices in some dealerships can be prohibited in other dealerships due to state laws. One example he mentions is bird-dog programs.
Thomas Hudson of Hudson Cook LLC, discusses the Center of Responsible Lending’s report entitled, "Under the Hood: Auto Loan Interest Rate Hikes Inflate Consumer Costs and Loan Losses."
Expert CPA David Keller details seven different areas dealers should review annually to look for possible savings.
Industry Attorney Tom Hudson outlines how a Georgia auto dealer was sued in Pennsylvania court.
Attorney Thomas Hudson shares insightful correspondence he had with another lawyer who represents dealers regarding finance charges, TILA, Regulation Z and more.
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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