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.
Your process for total compliance and F&I sales should be designed to meet a common goal.
AutoStar Solutions’ Steve Levine shares a dozen simple ways dealers can guard their businesses from the government Grinch.
Two brothers operating Space Auto Sales and Spin Auto Sales failed to pay more than $1.5 million in sales tax from the sale of vehicles between 2007 and 2009.
Ted Smith, president of the Florida Automobile Dealers Association and Alex Kurkin, a well-known attorney and veteran dealer advocate with Kurkin Brandes, will open the inaugural Compliance Summit in Hollywood, Fla., on Nov. 10.
The new event is designed to offer actionable compliance solutions to dealers and their partners. It will be held at the Seminole Hard Rock Hotel & Casino in Hollywood, Fla.
The CFPB announced this week a proposed rule that would allow it to oversee about 38 nonbank auto finance companies. The bureau also plans to release a new whitepaper which details the methodology it uses to determine the presence of discrimination in auto lending.
A dealer who acquired clean titles for flood-damaged cars he bought at auction faces up to three years in prison. He must also reimburse the customers who purchased the seven vehicles.
US Equity Advantage has transmitted more than $1.3 billion in loan payments for its members, while maintaining compliance with the money transmitter requirements related to licensing and bonding in all 50 states.
The FTC’s probe of biweekly payment programs was limited in scope and consequence, but it could be a harbinger of further concerns over F&I products and dealer markup.
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