Finance & Insurance

Confusion during the pandemic, along with the shift to remote vehicle sales, is increasing the risk.

Two weeks from the finish line, the fledgling venture hit a significant and unprecedented snag — a global pandemic that upended operations, closed automaker factories, shuttered dealership operations and put millions of Americans on unemployment.

A former president of a used-car dealers association and his finance manager pleaded guilty to defrauding General Motors and four banks and credit unions by using fake vehicle sales and fraudulent loan applications to pocket millions of dollars in a four-year scheme.

As customers are unloaded from financial hardship and their auto loan goes sour, the bureau could experience a rise in credit-washing attempts.

When its dealership partners were barred from accessing Paycheck Protection Program funding, Toyota Financial Savings Bank quickly got approval to disseminate the funds themselves.

Dealers are beefing up document scrutiny to verify customers' identities during the pandemic.