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Update your F&I training program to include the three warning signs of a bust-out, or a nefarious, two-pronged form of bank fraud that leaves dealers and finance sources holding the bag.
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Dealers should establish policies to handle claims and develop strategies to mitigate claims.
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Six operators of a nonexistent auto finance company have been sentenced to federal prison or probation for fraudulently obtaining $1.7 million worth of loans from banks and credit unions.
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