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SOURCE AutoStar Solutions
Hackett, who focused on auto lending regulation during his CFPB tenure, is now partner at industry law firm Hudson Cook and will deliver a keynote address at the 7th annual Innovate conference, hosted by AutoStar Solutions.
FORT WORTH, Texas, Aug. 15, 2014 /PRNewswire/ -- Rick Hackett, former Consumer Financial Protection Bureau assistant director and current partner at Hudson Cook, today advised buy-here-pay-here auto dealers of eight specific steps they must take to stay off the radar of government regulators.
"As the CFPB and its allies in state attorney general offices turn increasing focus to 'high-priced' credit for nonprime consumers, it's important for dealers of all types – and especially for independent dealers with buy-here-pay-here operations – to proactively plan for outreach from regulators," said Hackett, who will share more compliance-related insight in a Q&A-style keynote address at the Innovate 2014 industry conference, hosted by AutoStar Solutions.
"It's hard enough as it is to run a nonprime credit dealership, with wholesale inventory prices inflated and consumer incomes stagnant," Hackett said. "Now federal regulators and state attorneys general have decided they have the power to declare when a seller's price is 'inflated to hide the true cost of credit provided.' The result is an automatic truth-in-lending violation and a claim of unfair and deceptive practices."
Hackett said no surefire way exists for dealers to completely protect themselves from a regulator who can decide what a reasonable price is. But he recommends these steps to minimize exposure:
Hackett will deliver one of six featured keynotes on the automotive and buy-here-pay-here industries at the 7th annual Innovate conference, Sept. 21 through Sept. 24 at the Gaylord Texan Resort & Convention Center in Grapevine, Texas. Innovate will be hosted by AutoStar Solutions, a leading provider of enterprise-level software to subprime auto lenders, as well as independent retail and buy-here-pay-here dealers.
Attendees can choose from a wide variety of classes in 10 different tracks, including compliance and technology. AutoStar expects more than 500 attendees at this year's conference, in addition to major exhibitors and financial institutions that will showcase the latest dealership technology, best practices and industry solutions.
To register, visit http://innovate.autostarsolutions.com, where users can build and save their own customized event schedule. Those who would rather go mobile can tailor their schedules with the Guidebook app, available at http://guidebook.com/g/innovate2014. AutoStar is offering a $50 off early bird special to all attendees registered before Aug. 31.
About AutoStar Solutions
For over 20 years, AutoStar Solutions has provided dealer management software solutions to independent automotive dealers and subprime finance companies located in the United States. Their web-based software solutions have enabled clients to automate and simplify activities while staying compliant with state and federal regulations. Learn more at www.autostarsolutions.com.
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