F&I Industry News

Is there an MLA / GAP Workaround?

… what about discrimination?   The Department of Defense’s interpretation of the Military Lending Act (MLA) in late 2017 set up seemingly insurmountable barriers to selling GAP to military personnel. The most obvious road block was the 36% MAPR ceiling and...

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Packing Payments?

…it’s still illegal   In deference to one of my oldest friends in the car business, Jim Ziegler, payment packing is illegal. And not just in California, where it’s prohibited by statute. The practice qualifies as an “unfair or deceptive act or practice” at...

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Scam FTC emails carry malware!

DEALER ALERT! Scam FTC emails carry malware! Nefarious hackers never miss a beat. They seized on the FTC’s recent emphasis on establishing a formal mechanism for addressing customer complaints as a way to get past small business cybersecurity measures. The...

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The Seven Deadly Sins of F&I

Current economic conditions and today’s litigious environment make paying close attention to regulatory compliance and best practices a must for dealers across the U.S. The following errors and bad practices are the seven most common reasons...

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Suspicious Activity Box Procedures

Please note the following as it relates to the IRS 8300 procedures if the Suspicious Activity Box is checked – the form is being filed voluntarily. (The dollar amount received in cash and / or by a qualifying instrument(s) does not exceed...

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The Best Gets Even Better June 1

By Dave Robertson  If there is a maddening aspect to regulation education, it’s the need to keep our curriculum current with a never-ending flow of newly promulgated or updated regulations. We keep pace with relative changes by adding...

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