CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts
Auto Dealer Today Top News
Week of July 17, 2017
Top 5 News
1. CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts
The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory arbitration clauses and one year after it proposed to ban such clauses in consumer finance contracts.
2. Credit Tightening at Wells Fargo to Continue Into 2018
With second quarter originations plunging 45% from a year ago on tightening underwriting standards, bank execs said they expect originations to continue falling for the rest of the year before stabilizing in the first half of 2018.
3. Three States Pass GAP Laws
The Guaranteed Asset Protection Alliance, a lobbying group made up of GAP providers, administrators and finance sources, was instrumental in getting two of the three laws passed — the most recent state to adopt its model act being Maine.
4. GWC Warranty Promotes Pratt to VP
Wendy Pratt has been elevated to the role of associate vice president of strategic alliances for GWC Warranty.
5. Authenticom Granted Preliminary Injunction in CDK, Reynolds Lawsuit
A federal judge has granted Authenticom’s request for a preliminary injunction against business practices at the heart of the company’s antitrust lawsuit against the nation’s leading DMS providers.
Top 5 Articles
1. Meet Your New Prospector
Chatbots are helping car buyers browse inventories, schedule appointments, and get pre-approved for financing.
2. 5 Things You Should Expect from a Tech Support Team
Dealer technology expert believes empathy, intelligence, attention to detail, a winning mindset, and teamwork are essential components of an effective tech support team.
3. The Coming Crackdown on Dealer Fraud
Statewide sweeps should convince dealers to clear the flim-flam artists from your F&I department.
4. The High Cost of Free Software
Pirated software and shared licenses are commonly enforced violations of the U.S. Copyright Act.
5. Q&A: Service Retention Is Your Lifeboat
Online appointment-scheduling is a good first step for dealers looking to improve the customer experience in the service lanes.
 

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