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 notices to consumers in three...

Read more

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...

Read more

The FTC’s 7 Deadly Sins of Dealer Advertising

by Dealertrack on March 4, 2016

If you thought 2015 was active with the FTC’s “Operation Steer Clear” and “Operation Ruse Control” sweep of dealerships, this year promises more of the same: more 20-year consent decrees for misrepresentations, omissions, inconspicuous and contradictory qualifications to advertised terms, as well as for advertised terms not being avail...

Read more

Seven Ways Compliance Software Reduces Dealer Heartburn

by Dealertrack on February 18, 2016

The average dealership must sell over 100 cars a year just to recoup its regulatory compliance costs. That’s according to the Center for Automotive Research (CAR), in a recent study measuring the impact of federal regulations on franchised dealerships. Or think about it this way: Every new or used car on the lot has a regulatory price tag of $...

Read more