Advertising: Spot the Problem – Answers
Under the Truth in Lending Act, any advertisement of interest rate must be for the annual percentage rate or APR, using either form of that term. An advertisement that does not use that term violates TILA. Even though you may use a toll-free number to make full lease disclosures, some things must be disclosed in […]
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Advertising: Spot the Problem
The Federal Trade Commission shows no sign of slowing down its efforts to police car dealer advertising. How well do you know federal advertising requirements? Identify the specific problem in each of the ad representations below. Answers are can be found HERE. 2.99% financing available on new cars today. Drive a new car for just […]
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Service-members Civil Relief Act
Car dealers have focused on the rights of active duty service members and their dependents because of the December 14, 2017 change in interpretation of regulations on the Military Lending Act by the Department of Defense. However, the government has also been busy enforcing the Servicemembers Civil Relief Act (“SCRA”), and there are some basics […]
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More Franchise Myths
Occasionally, we write about myths in the car business – things that “everybody knows” that are not true. Here are some franchise myths we have been discussing with dealers. My dealer agreement is expiring. I must sign a new agreement before it expires. That a franchise agreement can expire is one of the great myths […]
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Don’t Let CFPB Fumbles Affect Your Compliance Efforts
The Consumer Financial Protection Bureau has had its wings trimmed, but don’t allow that to reduce your emphasis on compliance. The Federal Trade Commission is the cop on the beat for auto dealers, and it shows no sign of slowing The CFPB has been buffeted by Trump headwinds. There have been several recent challenges. Congress […]
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