Blog - What is an Heirship Affidavit?
Death and taxes are two of life's unavoidable certainties. To the buy-here-pay-here dealer, death also brings questions about what to do with a vehicle after a customer passes away. Ideally, the customer leaves behind a will, or a lawfully wedded spouse, or only one living child. Absent those circumstances, the dealer is left to determine what to do with the vehicle. This becomes particularly challenging when a deceased customer's family member asks the dealer if s/he can keep the car and simply continue making payments. In
our latest blog post, we examine what a dealer can do if this unfortunate situation arises.
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NIADA Legislative Alert: Help Repeal CFPB's Arbitration Rule
The
National Independent Automobile Dealers Association is asking members to contact their U.S. Senators and urge them to support Senate Joint Resolution 47 repealing the Consumer Financial Protection Bureau's arbitration rule. Contact Senators Ted Cruz and John Cornyn today either by phone at 202-224-3121 or via email at www.senate.gov/senators/contact and relay the message below:
"On behalf of [YOUR DEALERSHIP NAME] of [CITY, STATE], I want to express my strong support of the resolution to repeal the CFPB's arbitration rule. Arbitration is faster, less expensive, and a more effective means of resolving disputes than class-action lawsuits. The rule will result in increased costs of credit harming the most credit challenged consumers. Vote YES."
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Dealer Education - Introducing TIADA's New Virtual Workshops
TIADA is always working to provide the best education for the best dealers in Texas which is why we have launched a new series of Virtual Workshops. Now dealers can learn about the latest compliance issues, regulatory changes and best practices from their own laptop or computer without ever having to leave the office! Register below and be sure to check out our
complete fall education schedule
for information on other seminars and virtual workshops.
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Virtual Workshop: Credit Reporting Compliance
Presented by Eric Johnson
Partner, Hudson Cook
Thursday, September 14 - Online
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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Uber Is Phasing out Its Subprime Car-Leasing Division after Massive Losses
Uber plans to discontinue its subprime car-leasing operation as it currently exists, according to The Wall Street Journal. Uber created Xchange Leasing LLC in 2015 in a bid to disrupt the auto loan industry, but it will now sell off or close most of the business by the end of the year, the Journal reports. The decision to shutter its auto-lending division could result in hundreds of layoffs. Around 500 jobs could be affected, or around 3 percent of Uber's total 15,000-employee workforce. Not everyone will lose their job, however. Some of those employees could be shifted to Uber's customer service call centers, for example.
READ MORE >
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Used Cars in Vending Machines: Carvana's Revenue Jumps, But Loss Widens
Carvana, which sells used cars online and delivers them via distinctive "vending machine" retail facilities, reported on Aug. 8 that its net loss in the second quarter widened to $38.9 million, or $0.28 per share, from $18 million a year ago. That wider loss came despite a big year-over-year gain in revenue, as Carvana spent aggressively on its plan to expand rapidly across the United States.
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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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NADA & NIADA Object Again to Bill Aimed to Stop Retail of Recalled Units
Seven Democratic lawmakers are trying again to push legislation that would prohibit the retailing of vehicles with an unfulfilled recall; a plan prompting the two largest dealership associations to reiterate their objections and explain the potential unintended consequences.
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GM Recalling Nearly 800,000 Pickup Trucks Worldwide
General Motors is recalling nearly 800,000 Chevrolet Silverado 1500 and GMC Sierra 1500 pickup trucks worldwide that could lose power steering, according to documents made public Friday. The largest U.S. automaker said the 2014 model year trucks could suffer a temporary loss of electric power steering, especially during low-speed turning maneuvers, according to documents disclosed Friday by the National Highway Traffic Safety Administration.
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2 Reasons Why Next Interest Rate Rise Won't Come in 2017
A top expert at S&P Global Ratings gave two reasons why she now expects the Federal Reserve's interest-rate policy to remain on hold through the rest of the year. S&P Global U.S. chief economist Beth Ann Bovino explained that factors giving the Federal Reserve reason to pause on raising rates this year after it announces its balance-sheet normalization plan in September include continued "subdued" wage gains in the latest federal jobs report along with soft inflation data from the personal income report.
READ MORE >
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