I just read a Federal Trade Commission (FTC) Civil Investigative Demand (CID) to a dealer surrounding the use of a bi-weekly payment plan. The purpose of this post is to alert you to a new interrogatory in the CID that I have not seen in previous ones. The FTC asks...
The Consumer Financial Protection Bureau (CFPB) provided guidance to indirect auto finance lenders earlier this year of the CFPB’s requirement for compliance with the Equal Credit Opportunity Act (ECOA). Certain members of the House of Representatives penned a letter...
I recently reviewed an identity theft case. Here’s the horror story showing how crafty the thieves are getting. The victim and thief were from out of state. The dealer verified the victim’s address before sending the document package with an overnight service. A few...
It has come to my attention and confirmed by email that it is Chrysler Capital’s corporate policy to not permit negative equity on leases. This is a credit underwriting decision and policy, not a disclosure policy. Chrysler Capital simply does not want any lease...
Today many publications ran a story concerning the Consumer Financial Protection Bureau (CFPB). This agency has oversight responsibility for certain financial institutions, but auto dealers who sell and service vehicles are exempt from its oversight. This report from...
The devastation caused by hurricane Sandy is overwhelming. The loss of life, homes, personal property, businesses, utilities, public transportation and automobiles appear to make this the most destructive and possibly the most memorable storm in our nation’s...
August 22, 2012: Last week, Gil Van Over had the opportunity to be a panelist for the WardsAuto Webinar Series. The session topic was Modern F&I: A Balancing Act. The panelist discussed how dealers succeed in the business while complying with all the rules and...
August 10, 2012: gvo3 & Associates is excited to announce that Gil Van Over has been invited to participate as a panelist for the WardsAuto Webinar Series. The session topic is Modern F&I: A Balancing Act. The panelist will discuss how dealers succeed in the...
June 28, 2012: Last week, Gil Van Over had the opportunity to be a panel speaker at the 2nd Annual Automotive News – F&I Week online conference. The session topic was Smart Phones & Mobile Tablets: The 4-1-1 You Need To Know To Connect With...
May 25, 2012: NADA lost the first round in what promises to be a heavyweight fight with the FTC this week. At issue is the FTC’s interpretation of a dealer’s responsibility in providing notices to consumers as required by the Risk Based Pricing Rule....
