Dealers and lenders are facing significant challenges following the Department of Defense's latest interpretation of the Military Lending Act, but until the DOD clarifies the interpretation, an act that was designed to protect service members may actually be hurting them.
The future of vehicle retail and F&I could take a variety of forms, but another type of brick-and-mortar store would be an unexpected route. Advancements toward an online transaction would serve the industry better.
Wells Fargo found itself in hot water again last week for possibly neglecting to refund consumers' guaranteed asset protection payments after they paid off their auto loans. But there are two sides to every story, and in this case, the law isn't as clear as it seems.