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Consumer Portfolio Services CEO Charles Bradley laid out the lender’s compliance efforts during a quarterly earnings call last week. The finance source’s subprime lending activities are currently being investigated by Department of Justice.
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The current regulatory environment demands that dealers take a good hard look at their processes and policies. F&I pro offers some recommendations.
Read More →The owner and operator of a Pennsylvania dealership has been accused of taking money from at least 40 customers and not submitting title and registration paperwork and fees to the state’s Department of Transportation.
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Compliance Summit is not an annual event. It’s a traveling show. We will be in Dallas this April and Chicago in June, before joining up with Industry Summit in Las Vegas next September.
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The auto industry and the finance companies that fuel it have yet to mount a proper response to the CFPB's threats and actions.
Read More →Moody’s expects the performance of new and outstanding auto loan ABS deals to suffer temporarily due to current regulatory activity, but it does see a silver lining in the increased scrutiny of the auto finance marketplace.
Read More →Massachusetts Attorney General Martha Coakley has ordered Santander Consumer USA to produce documents related to its subprime auto lending business. The AG said she is also looking into the practices of a handful of other auto lenders.
Read More →Condor Capital must pay an estimated $8 million in restitution to harmed customers, a $3 million penalty and admit violations of the Dodd-Frank Act and New York state law. The lender will also surrender its licenses in all states.
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Your process for total compliance and F&I sales should be designed to meet a common goal.
Read More →AutoStar Solutions’ Steve Levine shares a dozen simple ways dealers can guard their businesses from the government Grinch.
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