P2: ARTICLES

ARTICLES: Regarding the automobile industry. (1) Pitfalls that could await a retail buyer. (2) Statistics reveal consumers research consist of price & payments. (3) If you don't know the rules & history of the game. !!!You Lose!!!

You will find a variety of article relating to the auto industry. For the most part we found that consumers never include information relating to the auto industry into their research when it comes to purchasing a vehicle. The auto industry has train consumers to focus on Price, Interest Rates, Payments, when it comes to purchasing a vehicle. Before you enter into a battle. You must understand the rules of the game. If not you are guarantee to lose.

Example: The Presidential election confirms understanding the art and the rules of the game results into a win. Consumer cannot compete with a dealership professional team. For those who understand the rules of the game will always win. The message is, Consumers prepares themselves to purchase their vehicles. Amount of time place into the research. One month for the most part as a consumer. Dealerships business is retail sales 340 days a year. Salespeople attend sales meeting daily which prepares them to sale cars to the consumer daily.

Question to the consumer:

If you own a dealership and was hiring salesperson. Which applicant would you hire out of the two?

(A) The person with 1 year experience as a salesman working at a dealership or

(B) A person who purchase cars every three to four years with know sales experience in the automobile industry?

Who is the most qualified? (A) or (B).

Here is where you can even the playing field. Contact DAG professional team. We place the consumers interest first. We compete with dealerships. Experience professional who know and understand the automobile language and the business. DAG networks and partnerships coast to coast.

Email: dag@dautogroup.com

The Consumer Financial Protection Bureau (CFPB or Bureau)

is focused on creating a consumer financial marketplace that works for all consumers. Our mission is to make markets for consumer financial products and services work for consumers and responsible providers by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives. (More....)

CFPB hands Clarity $8M penalty

On Thursday afternoon, the CFPB took action against a nationwide credit reporting company, Clarity Services, and its owner, Tim Ranney, for what the regulator deemed to be illegally obtaining consumer credit reports. Bureau officials charged that Clarity also violated the law by failing to appropriately investigate consumer disputes.

"Credit report sample: How to read, understand a credit report"

Credit Cards.com interactive guide which compiles and explains examples of items you will find on an actual report.

Sample credit report shows examples of common features

Fred O. Williams

Senior Reporter: Expert on consumer credit laws and regulations

CFPB schedules field hearing to discuss arbitration

Changing how arbitration can unfold has been on the CFPB’s radar for some time. Last October, the bureau used the phrase “free pass” to describe how some finance companies include arbitration clauses in their vehicle installment contracts. The wording came when the CFPB announced it is considering proposing rules that would ban consumer financial companies from using a “free pass” to block consumers from suing in groups to obtain relief.

FTC Seeks Public Comment on Proposed Survey of Consumers Regarding

Their Experiences Buying and Financing Automobiles from Auto Dealers. The Federal Trade Commission is committed to protecting consumers in automobile-related transactions. Since 2011, the agency has brought more than 25 cases in this area, including a law enforcement sweep of 10 actions against auto dealers for deceptive advertising, and a federal-state effort that yielded more than 200 actions for fraud, deception, and other illegal practices. The survey is designed to assist the FTC by providing useful insights into consumer understanding of the automobile purchasing and financing process at the dealership.

American Credit Acceptance agreed this week to provide a total of $7.4 million in relief to thousands

American Credit Acceptance and Westlake Financial Services agreed this week to provide a total of $7.4 million in relief to thousands of Massachusetts consumers over allegations by the state’s attorney general that they charged “excessive” interest rates on their subprime auto loans. Attorney General Maura Healey highlighted that her office has now recovered more than $12 million for consumers relating to what she believes are high-interest auto loans. Last November, Santander Consumer USA agreed to provide $5.4 million in relief to more than 450 Massachusetts consumers.

FTC’s latest deceptive ad policy statement

Remember what the FTC dubbed Operation Steer Clear? It was the commission’s action that punished 10 dealerships back in 2014 as part of the regulators’ nationwide sweep focusing on misleading advertising associated with the selling, financing, and leasing of vehicles.
In the Enforcement Policy Statement on Deceptively Formatted Advertisements, the FTC explained the general principles the regulators considers in determining whether any particular ad format is deceptive and violates the FTC Act.

FTC’s strong message about CPO advertising

The Federal Trade Commission indicated each company touted how rigorously they inspect their vehicles, yet failed to disclose that some of the used models they were selling were subject to unrepaired safety recalls. “These actions stand for a simple proposition. Companies should not mislead consumers shopping for cars, especially when it comes to safety,” Rich said.

NY dealer group sues Autotrader for $1.5M

A New York dealer group that operates two franchised stores and an independent lot in the Big Apple filed a civil lawsuit against Autotrader, seeking more than $1.5 million in restitution. According to the complaint obtained by Auto Remarketing on Friday, B&Z Auto Enterprises made allegations of false advertising, fraud, negligent misrepresentation, unjust enrichment, unfair and deceptive trade practices under federal and state law, and violations of the RICO Act.

Should you buy an extended warranty for your car?

Many car buyers purchase an extended warranty out of fear that their car will need expensive repairs just after the factory warranty expires a scenario that, while possible, isn't very likely.

Prosecutors Scrutinize Minority Borrowers’ Auto Loans.
Now the booming auto industry has turned that historic wrong on its head, government authorities say, singling out minority borrowers and extending them the costliest car loans, a development that threatens to exacerbate the economic distress in some black and Hispanic neighborhoods.The practice, known as reverse-redlining, is presenting new challenges for government authorities trying to shield the most vulnerable Americans from predatory lending. Prosecutors from the Justice Department and top officials with the Consumer Financial Protection Bureau are grappling with how to root out the practice in a fractured industry. The Justice Department’s Civil Rights Division is now examining whether dealerships are discriminating against their minority borrowers.

NY brings more charges on dealers over F&I activity

The attorney general in the Empire State found reason to bring more allegations against franchised dealership accused of illegal selling products and services through the F&I department. New York attorney general Eric Schneiderman this week announced a lawsuit against several Queens dealerships, including Koeppel Nissan, Koeppel Subaru, Koeppel Mazda, Koeppel Auto Group, and Koeppel Volkswagen. The lawsuit, filed in New York Supreme Court, alleges that the Koeppel dealerships, all owned by the Koeppel family, unlawfully sold “after-sale” products and services, including credit repair and identity theft protection services to 1,426 consumers that sometimes exceeded a cost of $2,000 per consumer.

FTC settles CPO complaints with GM, Jim Koons & Lithia

The FTC alleges that GM advertised numerous CPO vehicles at its local dealerships using these claims without disclosing that certain used vehicles offered for sale were subject to previously announced open (unrepaired) recalls for safety issues.According to the FTC’s complaint, those vehicles subject to recalls had defects that can cause serious injury, including a key ignition switch defect that can affect engine power, power steering, braking and airbag deployment, problems in the body control module connection system that can affect braking, and chassis electronic module defects that can cause engine stalls.

Regulator Is Said to Fine Fiat Chrysler $70 Million

Fiat Chrysler is expected to pay the federal government as much as $70 million in penalties for significantly underreporting the number of death and injury claims tied to potential defects in its cars, according to a person briefed on the fine. In July, the National Highway Traffic Safety Administration levied a penalty against the company that could reach $105 million over its handling of multiple recalls affecting more than 11 million vehicles.

CarMax Selling “Certified” Recalled Cars with Lethal Safety Defects—Blumenthal, Consumer Advocates Call on FTC to Crack Down on Deceptive, Potentially Deadly Sales Practices

“CarMax’s practices endanger the lives of their customers, their customers’ families, and everyone who shares the roads,” Blumenthal said. “CarMax advertises that all its vehicles must pass a rigorous ‘125-point inspection,’ but no inspection that routinely ignores outstanding safety recalls can be called ‘rigorous.’ Regardless of whether they are buying a new or used car, all consumers deserve to know they are buying a safe car.”

Toyota Motor Credit
Engaged in a pattern or practice of discrimination against African-American and Asian/Pacific Islander borrowers in auto financing.

Toyota Motor Credit Corp. has agreed to pay up to $21.9 million and limit its retail margins on auto loans to settle U.S. Department of Justice and Consumer Financial Protection Bureau allegations that it overcharged minority borrowers on their auto loans. more...

Honda Minority Customers Borrowers Paying Higher Dealer Markups

Honda to Pay $24 Million for Discriminatory Auto Loans

Honda’s past practices resulted in thousands of African-American, Hispanic, and Asian and Pacific Islander borrowers paying higher interest rates than white borrowers for their auto loans, without regard to their creditworthiness. more...

SCAMS TARGET YOU

Top 10 Car Scams While Buying or Selling

When you buy a new or a used car, you must be wary of car buying scams. Whether you are purchasing through a dealer or a private owner, car selling scams can cost you hundreds, even thousands, of extra dollars.