WASHINGTON, D.C. — The Federal Trade Commission has taken a bite out of a major issue for F&I offices. The regulator announced this week that operators of websites that sold fake pay stubs and other financial documents used to facilitate identity theft and other frauds have agreed to permanently shut down their businesses as part of separate settlements with the Federal Trade Commission.

Industry Summit 2018 will be held Oct. 8–10 at the Caribe Royale Orlando in Orlando, Fla. Photo courtesy Caribe Royale

CHARLESTON, S.C. — On May 21, President Trump signed legislation passed by Congress to
repeal the Auto Finance Guidance issued by the Consumer Financial Protection Bureau in March
2013. The legislation prohibits the CFPB from issuing similar rules or regulations without first
obtaining Congressional approval and is a win for auto dealers and lenders everywhere.
The guidance was an attempt by the CFPB to do an end-run around the agency’s lack of authority
over auto dealers. By using flawed statistics to claim that dealers and the lenders who bought

TORRANCE, Calif. — Compliance expert Gil Van Over enters the F&I Think Tank on Wednesday, July 11, at 11 a.m. PT/2 p.m. ET for Part Two of F&I and Showroom’s compliance webinar series, “CFPB Defanged: Rise of the eDealership.”

The ‘Please Do Not Call’ Rule The federal Do Not Call Registry is not without its flaws, but dealers are nonetheless bound by its rule. Compliance expert offers a primer for sales and BDC managers.

Some professional sports teams periodically change uniform styles, forcing fans to buy the latest gear — except me. I proudly wear my old gear while others have the shiny new stuff. The same goes for every new smartphone that hits the market touting new features that supposedly differentiate it from the old version.

Overlooking past misdeeds and criminal convictions to land top-performing salespeople puts dealers at risk of losing everything when risky hires revert to old habits.

I recently had a General Manager ask my advice on a sales applicant he wanted to hire. The salesperson had worked at the dealership before and was fresh off a six-month sabbatical while serving time in the hoosegow.