MDCE 2013: Speaker: Dealers need to be vigilant with financingPosted on Written by Richard Armstrong
ORLANDO, Fla. — Consumer finance is not the most exciting element of dealership operations, but speaker Jared Zimlin of Priority One Financial Services warned those attending his seminar Wednesday at the Marine Dealer Conference & Expo that the government takes compliance very seriously.
“Having a checklist of everything documented is the easiest policy. If you get audited and they ask for documents and you have them, then they typically just move on to the next dealership,” Zimlin said. “If you look at them like a deer in the headlights, that’s when they start digging.”
Zimlin detailed how the 2011 creation of the Consumer Finance Protection Bureau, tasked with increasing scrutiny of consumer financing, has changed the landscape for dealership financing.
Not meeting the requirements of any one of various regulations — the Equal Credit Opportunity Act, the Truth in Lending Act, Red Flag Rules and the Sherman Antitrust Act, among others — can be a costly misstep for a dealership, he said.
A handy resource was posted online, including a printable checklist of must-do paperwork and background on pertinent legislation.
Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!
Basic subscription: Registered members get free access to 10 premium content stories each month!
Individual subscription: $29 for unlimited site access for one year.
Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.
Corporate subscription: $300 for unlimited site access for all members of a company for one year.
You may close this dialog after seconds.