What does criminal conduct have to do with F&I and my new toaster? Here you go… I recently bought a toaster. (Please hold your applause until the end of the article.) The toaster is so generic it does not even have a brand name on the instructions. “Instructions,” you ask? For a toaster? Yes, it came with a full-color, multi-step instruction, which is … [Read more...] about Is Your F&I Compliance “Toast?”
"I don't have to agree, but I do have to comply," said an old employee and friend of mine named "Hank." He said it with a wry smile whenever he didn't agree with something I asked him to do. Then, he would do it because I asked him. And he would chuckle to himself. So who really wants to comply? No one, including your dog, when you tell him/her to "sit" or "stay." … [Read more...] about Don’t You Agree? Fundamental Questions Answered Regarding Dealership Compliance
Before we start exploring the reasons why every car dealer must conduct an on-site compliance audit in his car dealership, let us form an overview of its fundamental concept and notches of significance. There are federal guidelines that govern each department of a car dealership; for example, there is a Used Car Rule for the sales department and CAN-SPAM Act for the BDC … [Read more...] about Why Conduct an On-site Compliance Audit in Your Car Dealership?
Lost in the compliance maze the past few years has been the importance of a dealership’s continuing obligation for the security of customers’ nonpublic information. Most dealers recognize a duty to safeguard customer information at their stores. What many dealers may not know, however, is the full extent of which the requirement extends outside the doors of the … [Read more...] about Vet Your Vendors to Safeguard Customer Information
It’s the start of a new year, and like clockwork, the Consumer Financial Protection Bureau (CFPB), ever vigilant in self-promotion and use of press releases, announced in early February a settlement with Toyota Motor Credit Corporation (TMCC) for “alleged” violations of the Equal Credit Opportunity Act (ECOA). We use the word alleged as the consent decree provides: … [Read more...] about Alleged ECOA Violations and Dealerships: Will the Market Tip?