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Thinking about refining your compliance strategy within your F&I department to close out the year strong?

Category

Compliance

Managing compliance and fair lending requirements can be a challenge. What guidelines does your dealership have in place?

In an effort to assist you in managing fair lending risk, RouteOne offers A Dealers Guide to the Dealer Risk Control Program.  An important feature of this program is the Dealer Pricing Exception Form.  RouteOne adopted the NADA version of the Dealer Rate Exception Form and RouteOne functionality, including:

The Threat

Automobile dealerships are increasingly under attack by hackers that use social engineering to trick an employee into divulging confidential information or performing a particular computer action. Such information or computer action is used to gain access to the business’s computer system. Once the computer system is compromised, the hacker can use the computer system for his or her own benefit. It is important to educate your dealership’s employees about social engineering, so that your dealership doesn't become a victim.

Single-channel. Multi-channel. Cross-channel. Omni-channel. Are you running a cable TV station or a dealership? You almost need a station guide to keep them all straight, especially with new channels and buzzwords constantly cropping up.

Current channels

The RouteOne platform offers a variety of tools that help streamline the workflow of the vehicle finance process for finance sources and dealers. Although RouteOne’s suite of solutions works together to help drive efficiency, the complimentary Text Messaging feature continues to stand out with finance sources throughout the process. If you do not yet support this complimentary feature within RouteOne, consider checking out the reasons finance sources count on it in list of benefits below.

Thousands of identities get stolen from unsecure databases. Hackers are becoming more creative with ways to access data. Is your dealership’s data secure? When your dealership has the responsibility to protect the identities of thousands of customers, your data can never be secure enough.

Threat Predictions

MacAfee Labs, a respected information security and ant-virus organization, just issued their 2016 Threat Predictions Report. Some of the emerging or increasing computer threats identified are:

Previously, in ‘Part 1’ of the Adverse Action Notice Guide for Dealerships, dealers were able to gain a better understanding of the cost of non-compliance and importance of managing Adverse Action. In ‘Part 2’, dealers were able to better understand Adverse Action Notices and what should be included in each notice.

In ‘Part 1’ of the Adverse Action Notice Guide for Dealerships, dealers were able to gain a better understanding of the cost of non-compliance and importance of complying with the Equal Credit Opportunity Act (ECOA) and Fair Credit Reporting Act (FCRA). In ‘Part 2’ of this four part guide, you will be able to gain a better understanding of the Adverse Action Notice itself and what should be included in each notice.