Archive | Compliance

ACE Develops Product Specialist Certification

ACE Develops Product Specialist Certification

We are an industry of business professionals. Salespeople know more about the features and benefits of the vehicles they sell than the average citizen. Sales and F&I managers know how to calculate monthly payments for retail and leases while many consumers would struggle to do so. Agents know the intricacies of complicated F&I products while … Read More »

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Requiem for a Guidance

Requiem for a Guidance

In order to make any sense of what’s going on at the CFPB, we need to start at the beginning — in this case, the 2008 financial crisis and its aftermath. While economists may argue over specifics, the conventional wisdom explains the financial meltdown as a result of aggressive lending in the subprime mortgage market. … Read More »

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Providers and the Onus of Compliance

Providers and the Onus of Compliance

After years of reading compliance-related articles, attending industry trade show panel discussions, and reviewing regulatory directives, you no doubt understand that a comprehensive regulatory compliance strategy should be a central focus in every product provider and administrator’s business. However, many organizations are still troubled with determining whether their compliance obligations extend to the actions of … Read More »

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Powerbooking and Its Evil Cousins

Powerbooking and Its Evil Cousins

In my days with the Florida attorney general’s office, I was the “car guy.” I received hundreds of written complaints every year regarding vehicle transactions. One of my most amusing complaints — but an instructional one as well — was the one I received from a woman who had returned her leased sedan. Several months … Read More »

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You Don’t Know GAP

You Don’t Know GAP

For those who are involved in the world of F&I but were sleeping beneath a rock for the last few months, the U.S. Department of Defense issued a reinterpretation of the Military Lending Act last December. Under that new interpretation of the MLA, the exemption of automobile financing from the scope of that law is … Read More »

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The Ghost of Disparate Treatment Past

The Ghost of Disparate Treatment Past

Pricing products and services would appear to be neither science nor art. Although the bespectacled accounting profession can provide some indication as to what prices to charge so that a business doesn’t lose money it may not be so accurate when it comes to what to charge to maximize profits. The three basic rules of … Read More »

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