NY State Dept of Financial Services Releases Debt Collection FAQ

NY State Dept of Financial Services Releases Debt Collection FAQ
The New York Superintendent of Financial Services has released a 16-question FAQ to aid debt collectors, including third-party debt collectors and debt buyers, in adhering to 23 NYCRR 1, a regulation that reforms New York's debt collection practices. Industry groups today are weighing in on the impact of the clarifications.
Debt Buyer

State Calls Buy Here Pay Here Practices Predatory

State Calls Buy-Here, Pay-Here Practices Predatory
Two Charlotte, N.C., used-car dealerships must repay customers and change practices after settling a lawsuit by state and federal regulators.
The lawsuit was filed in January 2014 by the North Carolina attorney general, the Civil Rights Division of the U.S. Department of Justice and the U.S. attorney for the western district of North Carolina against Auto Fare, Inc., Southeastern Auto Corp. and their owner, Zuhdi A. Saadeh.

State Calls Buy Here Pay Here Practices Predatory

State Calls Buy-Here, Pay-Here Practices Predatory
Two Charlotte, N.C., used-car dealerships must repay customers and change practices after settling a lawsuit by state and federal regulators.
The lawsuit was filed in January 2014 by the North Carolina attorney general, the Civil Rights Division of the U.S. Department of Justice and the U.S. attorney for the western district of North Carolina against Auto Fare, Inc., Southeastern Auto Corp. and their owner, Zuhdi A. Saadeh.

BHPH

Consumers Name Spark Ugliest Car

The Chevrolet Spark EV ignited the most reaction among drivers who were asked to rank the most unappealing redesigned or new 2014 model cars.

The Spark takes the No. 1 ranking for ugliest.

the latest Automotive news

automotive news

Important NABD Tax and Compliance Update for 2015

Important NABD Tax and Compliance Update for 2015

By: Kenneth Shilson, CPA

President / Founder NABD

 

     Last week I participated in the NIADA Leadership Meetings in Washington, D.C.  This allowed me to discuss matters of great importance to the BHPH Industry with both regulators and members of congress.

 Here are some take aways from those meetings:

     1. Several members of Congress indicated that the "tax extender" provisions will likely be approved by Congress before they recess in December!  This indicates that tax refunds should not be delayed significantly in 2015 although I anticipate that the tax refunds will begin around February 1st provided that Congress acts as they indicated.  The competition for these refunds has increased as Subprime lenders, credit unions, and franchise dealers compete for BHPH customers.

 

     2. The CFPB and Department of Justice continues to closely monitor our industry for deceptive advertising, alleged unfair and deceptive lending practices, data privacy, and discrimination. Operators must avoid these problem areas in 2015 to be compliant. You can't afford to make legal and regulatory mistakes . . .

 

 ReadMore 

Financial Solutions

Auto Note Buyer | Who buys Auto Notes

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              Are you an Auto Dealer or Finance Company that creates auto notes, buy here pay here auto paper? Do you need CASH for inventory or for your business or personal use? Sell your auto notes, to increase your CASH flow and reduce your risk exposure. Let us show you how to increase your CASH flow without creating new debt, don’t wait for your customer to pay you off, Or total your car.  We can help you get the financial flexibility needed to compete in today’s auto industry.If you are thinking about selling your buy here pay here portfolio, you probably have a lot of questions.

• “How many accounts do you buy?”
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With over 36 years of experience in the automotive industry  Financial Solutions has helped hundreds of dealers unlock the cash in their Auto Notes.

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Financial Solutions

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Auto Note Buyer

 

Buy Auto Portfolio | Buy Car Paper | Buy Auto Paper

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We Turn Auto Notes Into Cash Sell your auto notes, buy here pay here notes, auto paper NO RECOURSE ! NO RESERVES !Financial Solutions615-414-6708 We specialize in assisting individuals and auto dealers through their cash flow challenges. Get top dollar for your auto notes and buy here pay here auto paper. We specialize in dealing with auto paper Are you an Auto Dealer or Finance Company that creates auto notes, buy here pay here auto paper? Do you need CASH for inventory or for your business or personal use? Sell your auto notes, auto paper to increase your CASH flow and reduce your risk exposure. Let us show you how to increase your CASH flow without creating new debt, don't wait for your customer to pay you off, Or total your car. We get top dollar for your auto paper, buy here pay here auto notes. We can offer you the financial flexibility to compete in today's auto industry.