Category: Customer RSS - F&I California
On September 12, the comment period ended for the Proposed Motor Vehicle Dealers Trade Regulation Rule. More than 26,000 comments were submitted and we're summarizing a handful of significant comments here.
The new law creates a tax credit for electric vehicles (EVs) but creates a problem for dealers as the changeover occurs from current tax credit policies to the new IRA EV provisions.
Some changes have been made to the LAW 553 Retail Installment Sale Contract that are already impacting your captive lenders. Although the updates are minor, they will require some reprogramming and I advise you to start looking into the changes you'll need to make now.
The FTC has proposed a new rule, the “Motor Vehicle Dealers Trade Regulation Rule,” which will affect dealers nationwide. It seeks to create a set of guidelines to “protect consumers and honest dealers by making the car-buying process more clear and competitive.”
Let's set the record straight about this “three-day cancellation right,” and there is probably no need to panic so long as you follow the recommended steps.
In an attempt to cope with dwindling inventory, dealers have needed to come up with new ways to stay afloat. Consequently, we have heard of some finance personnel soliciting car purchasers with offers to “lower your current interest rate and monthly payment” by refinancing. Let's set the record straight on this idea.
An Illinois dealer group allegedly discriminated against Black customers by charging them more for financing and allegedly slipped unwanted add-ons to customers’ bills.
Let's talk about the recent actions the Federal Trade Commission has taken against a recent telemarketing campaign for "extended warranties" and an automotive marketing services company that used deceptive advertising. Here are some lessons learned.
Titling issues have been popping up on the Hotline more, so let's talk about selling a used vehicle without a physical title, the new DMV memorandum, and then get into the logistics of when the dealer must have a physical title.