F&I Industry News
Northwood University and AFIP Announce Online Retail Automotive Executive MBA
MIDLAND, Mich. – October 23, 2018 – The Richard DeVos Graduate School of Management at Northwood University, in collaboration with Association of Finance and Insurance Professionals’ Executive Director David Robertson, has announced it will be accepting...
read moreIs 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...
read morePacking 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...
read moreRobertson Nominates Pat Ryan for Automotive Hall of Fame
Five years ago, AFIP executive director Dave Robertson set a goal of having Pat Ryan inducted into the Automotive Hall of Fame. Earlier this year, a post-NADA convention Automotive News article on Robertson’s quest prompted an invitation from the Hall for...
read morePepe Auto Group Receives Culture of Compliance Award
White Plains, New York – August 29, 2018 – The Association of Finance & Insurance Professionals (AFIP) announced that Pepe Auto Group is the first New York state recipient of its new Culture of Compliance award. The award recognizes Pepe Auto Group’s...
read moreGAP cannot be included in a RISC for military families, even if the MAPR is under 36%
For practical reasons, GAP cannot be financed in a retail installment sale contract (RISC) involving a buyer or co-buyer eligible for protection under the Military Lending Act (MLA), even if the creditor is willing to comply with MAPR disclosures and...
read moreScam 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...
read moreChanges to Credit Security Tools Impact F&I Process
A recent amendment to the Fair Credit Reporting Act implements changes to the Initial Fraud Alert, extending its duration from 90 days to 1 year. Also, consumers now have the ability to freeze their credit at no cost. The changes were initiated by the new...
read moreThe 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...
read moreNotice to those completing the AFIP Certification Course
AFIP Certification On-line Training Now on LightSpeed AFIP is proud to announce our partnership with LightSpeed, a nationally recognized interactive virtual training system provider. LightSpeed now hosts the AFIP Certification Online Training...
read moreA Working Knowledge of the Laws and Working with the Laws Is Not the Same Thing
In certain applications classroom instruction yields better results than online training If a working knowledge of the laws and working with the laws are fundamentally different, then the most effective means by which we teach about the laws,...
read moreSuspicious 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...
read moreCONGRATULATIONS ALEC BOND Jakob Murray Lange Northwood Scholarship WINNER!
The Jakob Murray Lange 2017 Northwood Scholarship recipient is Alec Bond. Alec, who hails from Linden, MI, is majoring in Automotive Marketing and Management. He completed an internship at Great Lakes Companies and Graff Chevrolet Okemos last...
read moreThe 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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