Coming soon: new adverse action notice requirements

by Dealertrack on March 25, 2011

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 Credit Reporting Act (FCRA) to send adverse action notices to their customers within 30 days of taking a credit application in three situations:...

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The compliance foxtrot

by Dealertrack on March 11, 2011

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 and, voilà, you're dancing.The last several years have seen a slew of new compliance requirements for auto dealers: the Information Safegu...

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Be cautious about tacking on fees to repair orders

by Dealertrack on February 2, 2011

Originally published December 28, 2010, on’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, the fees dealers commonly charge in the shop to recover the cost of supplies or compl...

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Customer education isn't a bad thing

by Dealertrack on January 12, 2011

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 seeking all along....

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