"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…"
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
"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"