Brittany-Marie Swanson
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Asbury Automotive Group, which reported a record fourth quarter, does not plan to alter any business practices in response to the CFPB’s scrutiny of rate participation programs. Officials reveal that the dealer group already has already adopted many of the regulator's recommendations.
Read More →The Center for Responsible Lending released findings last week that show negotiation does not help African American and Latino car buyers secure better interest rates on auto loans. Auto trade groups, however, were critical of the study’s findings, claiming it lacks data to support its claims.
Read More →Last week, the NADA announced a new fair lending compliance policy and program designed to help dealers cope with growing pressure from regulators like the CFPB.
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The F&I director at Mercedes-Benz of Coral Gables says profit per retail unit increased 16% when his dealership switched from paper to an iPad-based menu. Profits have stayed strong ever since.
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Industry representatives and consumer advocacy groups squared off in Washington, D.C., last month for the CFPB’s first public forum on auto lending. The event revealed the tightrope the bureau is walking between preserving a rebounding market and strengthening consumer protections.
Read More →Following a critical piece in the New York Times on the arbitration clause found in its warranty statement, Hyundai drops the policy. The change came a week before the CFPB released its first report on the effect of arbitration agreements on consumers.
Read More →TD Bank officials said the company will trim down its 9,000 member U.S. dealer network in order to provide better service.
Read More →On Wednesday, the CFPB released preliminary research on the use of arbitration clauses in connection with consumer financial products and services. While auto was excluded from the review, the report’s findings make similar provisions used in auto transactions look ‘consumer-friendly by comparison,’ says legal insider.
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A consumer advocacy group has filed a new ballot initiative with the California attorney general’s office. Part of the initiative aims to eliminate dealer markups, something California New Car Dealer Association President Brian Maas says would harm consumers.
Read More →The NADA issued a memo to members last week that outlines regulatory requirements for protecting the consumer information they collect. The memo follows warnings about data access from the FTC and F&I and Showroom columnist Jim Ziegler.
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