An important change to dealer adverse action notices is coming on July 21, 2011. As you know, dealers are required by the Equal Credit Opportunity Act and Fed Regulation B (ECOA) and the Fair…
The compliance foxtrot
Old dance studios used to put on the floor large oil cloths, which had arrangements of footprints to demonstrate various dance steps. Follow the steps in time to the music with a little flair…
Adverse action requirements differ for dealers and lenders
Randy Henrick, Dealertrack’s regulatory and compliance counsel, explains why dealers cannot rely on lenders to provide adverse action notices to customers.
Holy chargeback, Batman! Ford dealer has to unwind 1,500 car deals
Originally published February 22, 2011, on Dealersedge.com: Unwinding car deals is a painful, if infrequent, fact of life for car dealers. When a customer is seriously dissatisfied, sometimes taking the vehicle back and refunding the…
Compliance definition: arbitration clauses
Dealertrack compliance counsel, Randy Henrick, speaks about the consequences for dealer arbitration clauses that don’t give consumers choices
Free Risk-Based Pricing notice fulfillment available on Dealertrack
Strati Papageorge, director of product management for Dealertrack, discusses free Risk-Based Pricing functionality available for dealers to help comply with the FTC regulation.
Be cautious about tacking on fees to repair orders
Originally published December 28, 2010, on Autonews.com: We’ve taken a look at how dealers must be careful about adding fees to the vehicle price because these processing fees are often regulated by the state. However,…
Dealers must have data safeguard measures in place to protect customer information
Dealertrack compliance counsel, Randy Henrick, discusses data security measures dealers must have in place to avoid violations with the FTC.
Customer education isn't a bad thing
It might seem like just another regulation targeting dealer-arranged financing, but Greg Arroyo, executive editor at F&I and Showroom magazine, believes the Risk-Based Pricing Rule might be the kind of icebreaker F&I managers have been…