Entries by dealerbizAdm1n

Hey Buddy, Can You Lend Me a Car?

Does your dealership have a “loaner” program for customers who bring their cars in for repair? If so, do you have a written policy regarding your loaner practices and the appropriate forms to be signed by the customer in case the customer is involved in an accident that harms others? Before you turn over the […]

12 Steps To Get You Started

I have spoken at several buy-here, pay-here dealer conferences over the years. Federal enforcement actions are a popular topic. Afterward, dealers line up to ask me this paraphrased question: “Can you give me a basic playbook to help me set up a compliance program that will keep the Federal Trade Commission and the Consumer Financial […]

Does Anybody Really Know What “As Is” Means?

Dealers frequently sell used cars without any warranties. When they do, they are required to check a box next to this statement on the Buyers Guide: AS IS – NO WARRANTY YOU WILL PAY ALL COSTS FOR ANY REPAIRS. The dealer assumes no responsibility for any repairs regardless of any oral statements about the vehicle. […]

Lessons from DriveTime

Congress empowered the Consumer Financial Protection Bureau to supervise “buy-here, pay-here” car dealers when it passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Since its inception, the CFPB has not specifically targeted a BHPH dealer – until now, that is. In November, the CFPB announced a consent order against DriveTime Automotive Group, Inc., […]

Making the most of shoppers’ tax refunds

The holiday selling season is over and tax refund season has started, which means auto and truck dealers hardly have time to catch their collective breath. Tax refunds, of course, help drive shoppers who didn’t buy at year’s end to dealer showrooms now. Santander Consumer USA and Santander Auto Finance (SAF) know how important the […]