California’s SB 766 enforces clear disclosures and bans misleading practices in auto sales, effective October 1, 2026. It mandates a three-day cancellation period and two-year record retention. Compliance can enhance revenue and reduce costs, as proven workflows diminish errors and complaints. Dealers are urged to adapt proactively, improving their operational processes.
A recent financial collapse in the auto finance industry revealed double-pledging of contracts, exposing lenders and regulators to potential fraud and losses. The issue largely stems from a lack of understanding regarding compliant e-sign tools and proper custody protocols. To mitigate risks, lenders must ensure robust controls, audit trails, and secure vaults for electronic chattel paper.
As we reflect on Compliance Unleashed 2025 at BHPH United, one session continues to echo louder with each passing week: the conversation between Steve Levine and Shaun Petersen during the general session. Steve Levine warned, “Just because the CARS Rule was vacated doesn’t mean the risk disappeared.” And he was right. While we sat in […]
By Ace Christian – For BHPH United & Compliance Unleashed 2025 Ceaser Palace April 22-nd-24th 2025- If this article interests you then you need to come to the event register below. https://www.bhphunited.com/register-now If 2023 felt rough, 2024 has been downright brutal—especially for Buy Here Pay Here (BHPH) dealers carrying their own notes. Collections are down, charge-offs are […]