F&I compliance report offers dealers tips
October 31, 2011
Filed under Features
In search of five ways to ensure your dealership is F&I compliant, and free from costly penalties?
A special report on F&I compliance titled “The Biggest Money Saver You’ll Ever Encounter” was unveiled to enthusiastic reviews at ProfitX in Las Vegas in September. Download a copy here.
Among the topics discussed are Credit Storage Application, Red Flags Rule, Fair Credit Reporting Act, Gramm-Leach Bliley Act and the Truth in Lending Act. Powersports Business Market Intelligence experts from FreedomRoad Financial, Galt Enterprises, MB Financial Bank and Wolters Kluwer Financial Services contribute to the insight.
Here’s a sample by the numbers of what you’ll learn from the report.
$11,000 — The fine amount per occurrence for violation of credit storage application regulations.
26 — The number of Red Flag rules.
100 — Percent of times that your F&I department should present an adverse action notice to if your dealership is not able to extend credit to a customer.
$11,000 — The amount of fine per occurrence for violation of a safeguard rule.
Untold thousands of dollars — The fine amount for violation of the Truth in Lending Act.