Toyota Motor Credit Agrees to Lower Markup Caps to Settle CFPB Allegations
The three-year standoff between Toyota Motor Credit, the Justice Department and the CFPB is over, with the captive agreeing to pay up to $21.9 million in restitution to minority borrowers the regulators allege were overcharged on their auto loans. The captive also agreed to lower its dealer markup caps.
F&I Think Tank Adds Top Compliance Experts
Six of the industry’s top compliance experts will be at the Sheraton Tampa Riverwalk Hotel to lead a 20 Group-like session on compliance. Aside from fielding questions from attendees, the group will tackle some pervasive regulatory myths surrounding the F&I office.
Auto/Mate Announces Integration With Scan123
Scan123’s electronic document management system is now integrated with Auto/Mate’s Automotive Productivity Management Suite DMS, allowing Scan123 users to store and access documents through Auto/Mate’s DMS.
Cox Automotive Enters F&I Product Business
Cox Automotive announced today it has acquired a minority interest in F&I product provider SilverRock Holdings LLC. Officials said the products will be sold through dealers affiliated with Go Financial and NextGear Capital.
700Credit’s Hill to Discuss FCRA at Dealer Summit
Dealer Summit organizers have announced that Kenneth Hill, managing director of 700Credit, has agreed to speak at the 2016 event, which will be held May 3–5 at the Sheraton Tampa Riverwalk Hotel.