"Your lender is correct, you are the original creditor on these contracts and so you, the dealer, must comply with the regulation on Risk Based Pricing Notices if you used a credit report and the customer did not qualify for the material terms…"
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Risk Based Pricing
Started this discussion. Last reply by Alan Mosher Dec 23, 2010. 1 Reply 0 Likes
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Victor posted a discussionRisk Based Pricing
What is the bottom line on this I had one lender state to meThe Fair and Accurate Cresit Transaction Act ( FACT ACT) risk based pricing rule effective 01-01-11 and is applicable to dealers. The rule applies to creditors; in the case of three party, indirect contracts, the initial creditor is the dealer.So if I mark rate do I have to notify customer? Who is responsible for notification the lender or the dealer?Thanks for the help and have a Happy Holiday Season See More
Victor replied to Kevin Reeves's discussion People's Credit"I have never used them but a couple of my dealer friends have , long funding process for one the second one had the deal kicked 45 days later after GPS installed and car was on the road. I have been on their website, small loans BIG discounts"
Victor replied to Craig Lockerd's discussion Fill in the blank "My Perfect Automobile Salesperson is_______________"not you"
Victor replied to John Fuhrman's discussion Sub Prime F&I Portal Now Available For Independents in the group Independent Dealers"Is this not the same portal as Automotive Banking which is Service and Select and powersport lenders
do you have a breakdown by state and what is your sign up fees"
Victor joined Greg Goebel's group
Independent Dealers
This group is set up to focus on issues involving the independent (no factory franchises) dealer - whether they be sales, financing, floor planning or legislation.
Victor replied to Greg Goebel's discussion Pre-Owned Vehicle Price Range in the group Used Vehicle Group"7500 to 9500 ACV, as a majority of our customer want to be in the 250 range"
Victor joined Greg Goebel's group
Used Vehicle Group
Used cars, used trucks, certified pre-owned, cream puffs, you name we can talk about it here. A group to help dealers focus on one of the most important profit centers of a dealership.See More
Victor joined Tom Herald's group
National BHPH Dealer Association
This association will offer discussons, training, networking opportunities, and industry news for all members.
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Comment Wall (1 comment)
- At 1:21pm on January 8, 2010,
Craig Lockerd said… - Do I know you?
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