Virtual Workshop: Credit Reporting Compliance
Presented by Eric Johnson
Partner, Hudson Cook
Thursday, September 14
Online - $49
Credit reporting is a hot topic in the auto industry, and for good reason. Our customers want to be rewarded for their strong payment performance. However, complying with the many regulations surrounding fair credit reporting is not easy. Failure to comply may result in serious consequences. Eric Johnson, an auto finance law expert, will go over the basics of credit reporting law. He will also share some best practices for maintaining compliance in an ever-changing regulatory landscape.
REGISTER NOW >
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Blog: Salvage and Nonrepairable Vehicles Hit the Market
With Hurricane Harvey and its aftermath expected to destroy up to 1 million cars in the Southeast Texas area, now is a good time for dealers to take a look at the process that an insurance company and an individual is required to take when a vehicle is determined to be salvageable or nonrepairable. In this guest blog from Karen Phillips, General Counsel for the Texas Automobile Dealers Association, she explains that process.
Additionally, it is important for dealers to remember that while the Texas Department of Motor Vehicles (TxDMV) is preparing to process a mass of applications, it may be weeks before the notations appear in the state's motor vehicle records. All dealerships and buyers will be vulnerable during this time period and until the records are noted with the LEGAL RESTRAINT and REG INVALID remarks.
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BHPH Compliance: A Comprehensive Workshop
Presented by Michael W. Dunagan
TIADA General Counsel
Monday, September 18
Fort Worth
This revitalized seminar from TIADA General Counsel Michael W. Dunagan is the final answer in BHPH compliance. Mike speaks dealer, and with over 40 years of experience representing hundreds of BHPH dealers, he knows your business inside and out. Presented in partnership with FWIADA.
Topics will include:
- Your right to insurance proceeds
- Using courts to get your car back
- Properly handling financing on repairs
- How to prepare for (and survive) an OCCC audit
REGISTER NOW >
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Guide to Government Assistance for Harvey Victims
While recovering from a disaster is never easy, we have compiled a list of resources to assist dealers as they work with their customers to address their vehicle needs.
Check out our blog post
to see helpful information from the Texas Department of Motor Vehicles, Federal Emergency Management Agency and more that you can pass along to your customers.
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New Law Eliminates Doc Fee Notification Requirements
A new law took effect September 1st eliminating the requirement for dealers to notify the Office of Consumer Credit Commissioner (OCCC) when they charge a doc fee less than or equal to the "Safe Harbor" amount, currently $150. This law is a result of
HB 2949 which TIADA supported during the most recent legislative session. TIADA worked closely with Representative Justin Holland and Senator Brandon Creighton throughout the session to shepherd the bill through the legislative process. This law will help eliminate unnecessary government regulation and help dealers across the state.
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TxDMV Reminder - Dealers May Issue Only 1 Temporary Tag Per Vehicle Sold
As we detailed in last week's email, Governor Greg Abbott has suspended certain statutes related to the enforcement of title and registration laws in 58 counties affected by Hurricane Harvey. In addition to giving dealers more time to transfer a title to avoid late fees, law enforcement officers will not issue citations for expired residents from these counties until October 16, 2017. As a result, TxDMV issued a reminder that per the Texas Transportation Code, dealers should still only issue ONE temporary tag per vehicle sold as their customers have more time to register their vehicles in these counties. Read more in our
updated blog post.
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Harvey Wrecks up to a Million Cars in Car-Dependent Houston
As the Hurricane Harvey storm system dissipates and the water it dropped recedes, Houstonians left without shelter face the daunting task of rebuilding their lives. Many people are focused on the staggering figure of 40,000 homes lost, but another number also deserves close scrutiny: The flooding destroyed as many as a million cars in the Houston metro area.
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10 Elements That Will Factor in Your BHPH Rebound
The past 24-month period has seen the highest level of subprime and deep subprime competition in history. Fueled by "cheap money" raised with Wall Street syndicated auto bond securitizations, the subprime auto finance market has grown to an estimated $200 billion. Auto finance receivables, for both new and used vehicles, as of March 31 reached a record $1 trillion with $82 billion outstanding - the highest in history. The deep subprime market (credit scores below 550) has seen credit unions, franchised dealers, finance companies and others compete with independent operators for low credit score customers.
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We make it easy for you to buy the inventory you need. In addition to LIVE SALES Tuesdays at 2:00 p.m., Texas Direct Auto Auction also offers weekly ONLINE SALES Fridays from 10:00 a.m. to 3:00 p.m., giving you the freedom to buy cars on your schedule.
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Millennials Are Buying Bigger SUVs
Millennials are making moves similar to their baby-boomer parents by moving out of their parents' basements and into their own homes. As millennials begin to overcome debts and competitive job markets, they're making the decision to live the life their parents had-a house, kids, and a big SUV.
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We Need to Stop Pretending That the Autonomous Car Is Imminent
It's time to face some challenging realities when it comes to autonomous cars. While consensus seems to imply that the future of driving is nearly upon us, even a relatively cursory check of some of the necessary enablers for truly autonomous automobiles would suggest otherwise. From security concerns to high costs to missing infrastructure to car design complexity to uncertain legal expectations and more, there are a host of legitimate concerns that, in some cases, by themselves represent a serious challenge to the near-term release of truly independent vehicles. Taken together, however, they strongly suggest a much longer timeline for adoption than many have been led to believe.
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Honda Agrees to $605 Million Takata Consumer Settlement
Honda has agreed to a $605 million settlement of owner claims of economic losses related to the Takata airbag inflator recalls, and if you own an affected car, you could get up to $500 for diminished value. Honda's actual payments in the proposed consumer settlement, which still requires federal district court approval, would total about $484 million over several years.
READ MORE >
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