NEW: Manage Auto Financing in Real Time with DealerTrack Mobile!

February 03, 2012 | No Comments | share on facebook | retweet | share on LinkedIn

by DealerTrack, Inc.

Take your deal workflow to the next level by adding new intuitive mobile apps from DealerTrack. Securely track the pulse of your deals within finance and vehicle inventory workflows whether you are on the go outside of the dealership, on the lot, or in your showroom.

• Secure and real-time access for your dealership’s management, F&I and sales teams
• Check app and contract status, along with credit bureau and Red Flag activity
• Available on Apple iPhone and iPad – Android devices coming soon!

Click here to learn more.

DealerTrack Webinar Recording: Risk-Based Pricing and Adverse Action Requirements

December 01, 2011 | No Comments | share on facebook | retweet | share on LinkedIn

by DealerTrack, Inc.

Compliance Definition - Consumer Financial Protection Bureau ("CFPB")

November 10, 2011 | No Comments | share on facebook | retweet | share on LinkedIn

by DealerTrack, Inc

An independent federal agency established by the Dodd-Frank Act to enforce consumer protection regulations and issue new regulations prohibiting unfair, deceptive, or abusive acts and practices, among other things. Auto dealers that sell, lease and also service vehicles and do not obtain customer financing from Affiliates are generally not subject to the CFPB’s direct regulatory authority. Buy-here-pay-here and many independent dealers will be subject to direct CFPB regulation. However all auto dealers will be required to comply with substantive consumer protection regulations issued by the CFPB.  On July 21, 2011, rulemaking authority under approximately 18 federal consumer credit laws (including TILA, ECOA, FCRA and FDCPA) were transferred to the CFPB. The CFPB will have authority to amend existing regulations under these laws and publish new regulations concerning consumer financial services.

Compliance Definition: Fair Credit Reporting Act

July 05, 2011 | No Comments | share on facebook | retweet | share on LinkedIn

by Randy Henrick

FCRA - (Fair Credit Reporting Act) – Governs the permissible uses of credit reports and requires disclosures to consumers when a credit report is used in making a credit decision. Also requires giving consumers opt-out rights with respect to sharing of consumer report information with affiliates or sharing any information with affiliates for marketing purposes. Contains requirements for credit bureaus and reporting creditors to make consumer reports more accurate and to correct inaccurate reporting.