Thomas B. Hudson, Esq. - In several jurisdictions around the country, dealers have been hit with class action lawsuits alleging that the dealers’ actions in completing legal forms such as buyer’s orders and retail installment contracts constitute...
Dave Keller - If you did not have a good year, your lender’s collateral has probably decreased and their risk has likely increased. When risk increases, banks become nervous. Most bank loan agreements have loan covenants that customers (you) must ...
Thomas B. Hudson, Esq. - We are urging dealers to move with urgency to get their Red Flags programs in place quickly—long before the end of this 6-month enforcement grace period granted by the FTC. Why? Three reasons, and they may apply to...
David Keller - Take a look at your expenses. Compare your expenses against other 20 group members. Compare them to industry averages. If some are high compared to the industry guides, review the detail of the expense accounts to see if you can reduce...
Aaron Proctor - When I speak to dealers for the first time about the Privacy Act or Red Flags compliance, I begin with three questions...
Thomas B. Hudson, Esq. - One surefire way to make sure a court won’t enforce your arbitration agreement is to ask it to do more than get you in front of an arbitrator. I can’t tell you the number of arbitration agreements I’ve seen that indicate...
David Keller - One of the things you should do before signing the buy-sell is consider what floorplan source you will use for financing the vehicle inventories...
Thomas B. Hudson, Esq. - The mortgage mess has spilled over into the car arena. The credit markets appear to be temporarily shell shocked and reluctant to assume any risk. Finance companies that lived on the securitization model can’t...
David Keller - There are a lot of prior customers we don't think about until they walk through the door again to see us. We have to contact them first. We have to make an effort to be in front of them...
Thomas B. Hudson, Esq. - Sometimes it seems like there’s just no end to the ways a dealer can get into a legal jam. That’s really not surprising ... Here’s an example of a dealer’s problems arising from the sale, or non-sale, of credit insurance...
David Keller - Well, it is 2008. Yes, you probably know that by now. But are you really living in the year 2008? Is your business? The only way to know is to ask a few simple questions...
Kimberly Long - Compliance in general is an ongoing headache for dealers. Adverse action, in particular, is something many have been struggling to get a handle on for quite some time ... Compounding their worries, dealers will soon have to contend with...
Dave Keller - If you are a typical dealer, you probably check your cash balance daily. Some dealers run their business by their checkbook balance, while others use the actual bank account balance and release checks accordingly. Which is better?...
Thomas B. Hudson, Esq - If you are a dealer, you may take some comfort from the fact that your customers seldom get upset enough to haul you into court. That comfort disappears, though, when you find out that your customers are being encouraged to sue you...
Thomas B. Hudson, Esq. - The truncation and expiration date parts of the FACTA legislation turned out to be the worst sort of "gotcha" legislation...
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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