2017 Compliance Guide Case Study: Credit Apps, Reports, and Contracts

by Dealertrack on February 24, 2017

A dealer sold a vehicle to a consumer under a RISC (Retail Installment Sales Contract) and allegedly committed numerous violations in connection with the sale and financing.For example, the plaintiff was not given a review copy of the RISC disclosing the finance charge prior to the time of sale; and she didn’t take delivery because th...

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2017 Compliance Guide: What’s Next for Auto Dealers

by Dealertrack on February 10, 2017

Establishing a culture of compliance, data security, transparency, and honesty with customers is critical to protecting your dealership.Just as it was in 2016, this year government agencies are likely to focus on auto finance – though there’s some uncertainty about the approach a Trump Administration will take. For example, the CFPB...

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Three Questions to Ask About F&I Compliance Technology

by Dealertrack on December 29, 2016

The power of automotive retail technology is, in part, about connecting steps in the buyer’s journey to make the process more efficient.But it also handles other, crucial aspects, such as ensuring compliance with government regulations and providing protection against ID fraud. That’s important, and as such it’s vital to make sure...

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Key Dealertrack Technology Solutions

by Dealertrack on December 23, 2016

Let’s face it: the business of automotive retail is changing.Today, car buyers spend more time shopping online and less time going to dealerships; when they do walk into a showroom, it's likely that they know what they want, right down to the amount of time they're willing to spend on the deal. That's where good technology helps,...

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F&I Compliance Tip: Recordkeeping and the Destruction of Records

by Dealertrack on December 8, 2016

Staying compliant with State and Federal regulations means more than Red Flags and Adverse Action notices.In fact, there are federal laws and regulations regarding company records around vehicle sales, leases, F&I documents, and more. That includes things like memos, emails, a contract, or something less obvious such as a compu...

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Five Questions to Ask About Your Compliance Program

by Dealertrack on October 14, 2016

Some may say that the cost of compliance comes with the reality of doing business. That it's just a fact of life. And while that may be true, according to The Center for Automotive Research (CAR) that expense is pretty high. In a 2014 study conducted for the National Automobile Dealers Association (NADA), CAR found that the average dea...

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F&I Compliance Tip: Monitor Dealership Activity

by Dealertrack on September 8, 2016

One of the biggest threats to dealership compliance is inside the showroom. That’s right: your employees. Some studies claim that a majority of data breaches are caused by workers, a sobering statistic that may be due to negligence or mistakes – such as leaving credit applications, credit reports and deal jackets open and in plain sight...

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