Oh, what a difference a few years make. In late 2008, many auto pundits lamented that we might never again see sixteen million annual new vehicle sales. Proving that their memories are as faulty as their predictions, in 2012 they told us that, just like they always expected, sixteen million annual sales are on the […]
Car people speak in their own shorthand that is not always precise. For example, a franchisor is the “factory”, even though the franchisor may simply be a distributor that does not manufacture anything. Or an extended service contract is often referred to as an “extended warranty”, even though it is not a warranty at all […]
Have you wondered why industry publications are writing with increasing frequency about the expected demise of finance “markup”? The answer is simple – proponents of flat fees are working to sell the concept that “markups” are evil to regulators like the federal Consumer Financial Protection Bureau and the Federal Trade Commission with the hope that […]
The Office of the New Mexico Attorney General recently adopted new spot-delivery regulations. The regulations took effect June 1 and impose a wide-range of dealer requirements related to spot-delivery practices. The actual regulations can be downloaded using the following link. New Mexico Spot Delivery Regulations (12.2.13).
There has been a substantial amount of publicity recently concerning backdating retail installment sale contracts. The practice can lead to serious problems. The problem can arise when a dealership spot delivers a vehicle to a customer who signs a retail installment sale contract that is not approved by a potential assignee on its terms. The […]
There has been a great deal of publicity concerning fees that financial institutions have sought to impose as a result of new laws such as the Dodd Frank financial reform legislation. Sometimes, the fees have received massive publicity like the debit card fees from which Bank of America had to retreat. Unfortunately, many other fees […]
On the recommendation of the National Automobile Dealers Association (NADA), the Federal Trade Commission (FTC) selected ADL authors Mike Charapp and Rob Cohen to participate as panelists in a roundtable discussion that was held on April 12, 2011 at Wayne State University Law School in Detroit. The roundtable discussions focused on consumer issues in motor […]