Research and Training. George Angus. President/Director of Training

Size: px

Start display at page:

Download "Research and Training. George Angus. President/Director of Training"

Marshall Wade
5 years ago
Views:

2 1 Research and Training George Angus President/Director of Training

3 In Compliance With What?

4 In Compliance With What? The Federal Trade Commission (FTC)

5 In Compliance With What? The Department of Justice (DOJ)

6 In Compliance With What? Consumer Financial Protection Bureau (CFPB)

7 The Federal Trade Commission Advertising Magnuson Moss Warranty Act Buyers Guide Used Car Rule Credit Practices Rule

8 The Federal Trade Commission Advertising Magnuson Moss Warranty Act Buyers Guide Used Car Rule Credit Practices Rule Deceptive Practices

9 Deceptive Practices Full Disclosure

10 Deceptive Practices Full Disclosure

11 Deceptive Practices Payment Packing The FTC has determined that the Truth in Lending Act (TILA) requires that customers be given a written disclosure of certain terms of the agreement during negotiations and before they agree to the a final payment (consummation of the deal, as regulators refer to it).

12 Deceptive Practices These disclosures include the customer s annual percentage rate, monthly payment amount and loan term. Car buyers must also be handed a full, written disclosure of any addons that were included in the payment calculation, as attorneys general have determined that not doing so equates to a deceptive practice.

13 Sales Department Disclosure and Review (Before F&I products are presented)

14 Does this disclosure hurt F&I sales?

16 Using this disclosure to our advantage. Download free in Word form and fillable Excel spreadsheet at:

17 Using Prescreening to Expedite the Sales and F&I Processes

18 Using Prescreening to Expedite the Sales and F&I Processes Score Inquiries History

19 Product Offering Discrimination If you offer a product to one customer who qualifies but not to another customer who qualifies, that can be considered discriminatory practice.

20 Product Offering Discrimination

21 Rate and Product Pricing Discrimination Disparate Impact

22 Rate Markup Is the Dealer Participation Rate Modification Form the answer?

23 Rate Markup Standardizing Rate Markup

24 Rate Markup Standardizing Product Markup

25 How to achieve 100% Turnover to F&I Lost Potential Income Report

26 How to achieve 100% Turnover to F&I Lost Potential Income Report F&I Control of Purchase Orders

27 Using the Risk Based Pricing Notice to Your Advantage

Using the Risk Based Pricing Notice to Your Advantage I have agreed to have the dealership obtain financing for me. I have agreed to an approximate base payment of $501.

28 Using the Risk Based Pricing Notice to Your Advantage I have agreed to have the dealership obtain financing for me. I have agreed to an approximate base payment of $ per month for a term of 72 months at a standard Annual Percentage rate of 4.9% based on the terms, down payment, and balance shown above. I understand that these payment terms are based on a standard rate and are subject to the dealership s ability to obtain approval of the lending institution for those terms and the interest rate may be higher or lower based on my credit scores and other factors lenders use in approving financing.

29 Download free in Word form and fillable Excel spreadsheet at:

30 Questions?

Contact George Angus Toll Free: 1-800-928-1923 Email: george@teamonegroup.

31 Contact George Angus Toll Free: Team One Research and Training Toll Free: Fax: Website:

Regulatory Practice Letter December 2014 RPL 14-22

Regulatory Practice Letter December 2014 RPL 14-22 Automobile Supervision and Enforcement Regulatory Actions and CFPB Proposed Rule Executive Summary The automobile finance industry is under heightened