What the Wells Fargo Collateral Protection Insurance Scandal Means for You
Wells Fargo has been in the headlines for months, due to one scandal or another. Late last month the
New York Times reported that more than 800,000 people who went through the bank for their car loans were charged for insurance that they did not need. The customers had collateral protection insurance (CPI) force placed on them, even some customers who had proof of insurance coverage. What can a lien holder do to avoid becoming tomorrow's headline news? We examine the rules surrounding CPI in
this blog post and share best practices.
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Odometer Fraud - What Should You Do if You Have One of These Vehicles?
TIADA recently wrote about a massive odometer rollback fraud that the Texas Department of Motor Vehicles (TXDMV) uncovered this summer. Many dealers asked how they could identify vehicles that are caught in this scandal. TXDMV publishes a
document on its website that includes the VIN, year, and make of vehicles suspected of odometer tampering. TXDMV updates this list as often as practicable. It was most recently updated on July 26, 2017. In our
latest blog post, we explain what you should do if you happen to have sold one of these vehicles.
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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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TIADA Poll of the Month - Legislative Victories
The 85
th Texas Legislature came to a close at the end of May and once again TIADA was there protecting your interests. One of the most notable victories this session was HB 2049, which eliminated the need to notify the OCCC when a dealer increased their doc fee to $150. This change will eliminate needless regulation and can help dealers avoid fines. But how does it stack up against previous legislation TIADA pushed for in the past such as making TxDMV a separate agency or creating deferred sales tax? Let us now by taking our poll of the month on
txiada.org! Just follow the link to our homepage and scroll to the bottom of the page.
VOTE NOW >
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TIADA Day Auction Tour Headed to San Antonio, Donna
Next week TIADA will be visiting Manheim San Antonio on Wednesday, August 30 and Big Valley Auto Auction in Donna on Thursday, August 31. Stop by the booth, come say hello to Cristina or Teresa and pick up your coupon for a $25 off a buy/sell fee good for that day (at participating auctions) just for being a member. September takes us to the Houston and Dallas area - so don't forget to spin the prize wheel for one of our great prizes!
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New Software Helps Dealerships Track Safety Recalls Better
Last year, 53.2 million cars and trucks were recalled in the United States - the third straight year the figure topped 50 million. A dealership can get in trouble for selling a used vehicle, knowingly or unwittingly, that is covered by a safety recall. New digital tools are helping dealers manage the bewildering array of recalls. They enable retailers to identify recalled vehicles sooner and more accurately, reduce potential liability and customer hassle and recondition used cars and trucks for sale more efficiently.
READ MORE >
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Ford CEO Says People Will Still Own Cars in New Era of Mobility
Ever since Mark Fields was ousted as CEO of Ford, Jim Hackett has held the reins to a company looking to offer autonomous cars in high volumes by 2021. At Ford's City of Tomorrow symposium, Hackett outlined his vision for how transportation will look in the future, and it doesn't involve a robot takeover by autonomous cars. Hackett says automated tech will be phased in to ease parking and other challengers surrounding vehicle access around cities. But self-driving cars won't control everything. "When you paint the robots as perfect and humans as imperfect, we've made a big mistake," Hackett said, reports Automotive News. "We don't need the robot to get around."
READ MORE >
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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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TxDMV to Hold Additional eLICENSING Training Webinars
The Texas Department of Motor Vehicles (TxDMV) recently launched the new eLICENSING system. eLICENSING allows licensees to apply for, renew and amend their licenses online. TxDMV will be hosting additional webinars to help licensees use the new system. The next one will be held on Tuesday, September 19.
Register below. A recording of one of the previous webinar sessions can be found at the
TxDMV eLICENSING website.
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Banks Are Cutting Back on Lending to the Riskiest Borrowers
Banks are scaling back on lending to Americans with the lowest credit scores, according to a study from TransUnion. Lenders processed fewer new personal loans, auto loans, and credit cards for subprime borrowers year-on-year in Q2 for the first time since 2012.
READ MORE >
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Used-Vehicle Prices Falling Amid Glut
Car sales in the U.S. have been rising for seven consecutive years now, and it's denting the value of whatever is currently parked in your garage or driveway. With so many new cars rolling out of dealerships lots and instantly becoming used cars, the secondary market is glutted and the pace of depreciation is rapidly accelerating. Your not-that-old car might not be a clunker quite yet, but it's probably a lot closer than you think.
READ MORE >
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