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California Gov. Gavin Newsom has now signed AB 2311 into law. By January 1, 2023 – just over three months from now – all GAP waivers sold in California must comply with the bill’s requirements. The legislation provides a number of new requirements and disclosures for GAP waivers financed in California, including a requirement for…

On August 9, 2022, the United States District Court in the Southern District of California issued an order denying Capital One’s motion to dismiss a claim against the finance company in connection with a GAP waiver amending a finance agreement Capital One took assignment of. The plaintiff in the case alleged that the GAP waiver…

A summary of a recent regulatory pronouncement in the state of Massachusetts regarding vehicle service contracts (VSCs) and the treatment of VSCs as insurance in certain circumstances. Last week the Division of Insurance in Massachusetts released a public statement regarding VSCs. The statement elaborates on the Division’s distinction between what constitutes a service contract and…

Summary of recent CFPB publications regarding aftermarket products and unfair, deceptive, or abusive acts or practices relating to the same. Planned features for F&I Sentinel’s FAIRRCalc to address regulatory activity. Yesterday, the federal Consumer Financial Protection Bureau (CFPB) released a blog post titled “Overcharging for add-on products on auto loans.” The post highlights the CFPB’s focus on…

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