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A Hudson Cook attorney told industry trade groups in a Jan. 18 memo that the Defense Department’s Dec. 14 interpretative rule, combined with something else it did in July 2015, makes it ‘highly unlikely that any dealer or finance source will be willing to originate or purchase’ a vehicle finance transaction if credit-protection products are included.
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Darwin today announced a new update to its F&I sales platform designed to address the interpretive rule the Defense Department issued last month under the MLA.
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Based on an interpretive rule issued by the Defense Department on Dec. 14, including credit-protection products like GAP in a servicemember’s vehicle finance contract could subject it to a slew of restrictions and requirements under the Military Lending Act (MLA).
Read More →Has the industry gone mad? The magazine’s in-the-trenches columnist fires a shot across the bow of the push toward a combined sales/F&I manager.
Read More →New disclosure requirements being considered by the Federal Reserve Board (FRB) for loan insurance products aren’t the only threat to core F&I offerings like GAP. In California, product providers are racing to notify dealers that one of the key selling feature of GAP might be barred since a new law took effect on Jan. 1.
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The Sames family name has been a staple in the Laredo, Texas, community since 1910. But in a market like today’s, reputation alone won’t get it done. That’s why this fourth-generation dealer is counting his blessings for entering the world of in-house financing.
Read More →Debt protection might look and feel like credit insurance, but it’s not. Listen to what this lending services expert has to say about this buyer-incentive product.
Read More →F&I magazine goes one-on-one with the Consumer Credit Industry Association to discuss pink-slip protection, as well as a new legislative threat to the F&I industry.
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Some of the long-held principles of selling F&I products no longer apply, but F&I managers may still believe these are effective techniques.
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