Keeping Aftermarket Products In Line: F&I Compliance Tip

by Dealertrack on May 3, 2018

Aftermarket products are important to dealerships’ bottom line. Recent NADA research has shown that 50 percent of profits for the average dealership come from the sale of aftermarket products. A majority of these profits come from vehicle service contracts but, but other products driving profits also include guaranteed auto protection, credit...

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Monitor Dealership Activity: F&I Compliance Tip

by Dealertrack on April 26, 2018

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 – or...

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Data Safeguards & Identity Theft Protection: F&I Compliance Tip

by Dealertrack on April 19, 2018

Identity theft and data breaches continue to be a serious and ongoing issue for consumers and businesses. In fact, according to the U.S. Department of Justice, “An estimated 17.6 million Americans — about 7% of U.S. residents age 16 or older — were victims of identity theft in 2014.” That includes the misuse of credit card data, a...

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Adverse Action Notices: F&I Compliance Tip

by Dealertrack on April 12, 2018

An “adverse action” is, basically, a refusal to grant credit, the termination of an account, or the changing of an account’s terms in a manner unfavorable to the consumer — such as unwinding a spot delivery contract. Why it Matters As creditors, dealers are required to give adverse action notices to consumers in th...

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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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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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F&I Compliance Tip: Adverse Action Notices

by Dealertrack on August 26, 2016

An “adverse action” is, basically, a refusal to grant credit, the termination of an account, or the changing of an account's terms in a manner unfavorable to the consumer -- such as unwinding a spot delivery contract. Why it Matters As creditors, dealers are required to give adverse action notice...

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F&I Compliance Tip: Red Flags Rule

by Dealertrack on August 18, 2016

Designed to prevent your dealership from becoming a victim of identity fraud, the “Red Flags Rule” requires your dealership to develop and implement a written Identity Theft Prevention Program (ITPP) to detect, prevent, and mitigate identity theft. This...

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