Using your local bank for Floor Plan Financing may not be all roses and butterflies. Your local bank may require you to pledge other assets in order to get dealer financing. What does that mean? Simple. You could lose your house if you default on your Floor Plan. Check out this three-minute video for tips […]
Feeling stuck with a big, nasty, abusive Floor Plan provider? Think there’s no better option? Think again! Your best option for financing may be your local bank. In this video, we explain why. Below is a transcript of the video: In an earlier video, I was talking about the sources of floor plan financing […]
In our last video, we discussed what a Security Interest is. Now let’s talk about what it means for you. When you give a Security Interest to your Floor Plan provider, it likely extends beyond the cars on your lot. Depending on your arrangement, the Floor Plan provider may have the right to seize other […]
Did you know that there is an entire area of law focused solely on something called Security Interests? Most people don’t and I can’t blame them. It is dry and extremely complicated. Watch this two-minute video to get the basic gist of what Security Interests are and why they’re important. Below is a transcript […]
Be very careful when obtaining Floor Plan Financing. Sometimes it is a necessary evil. We can’t tell you how many times we have come across cases where the dealer has fallen behind on their payment obligations and it has caused big problems in the dealership. Watch this brief video to learn more. Below is […]
Believe it or not, the big providers are not the only financial institutions where you can get Floor Plan Financing. In this video, we discuss alternative providers and whether the terms of a Floor Plan are negotiable. Below is a transcript of the video: Before we get into some of the details of floor […]
In our next video in the Car Law Authority, we talk about Floor Plan Financing. If you have ever wondered what it is and how to get it, this video is for you. Check it out below. Below is a transcript of the video: Next in the Georgia Car Law Authority program, we’re going […]
The Final Act – Truth in Lending Dealership Owner: What is the Truth in Lending Act? Steven keeps talking about it but I don’t understand. General Manager: I think it is the reason we have to put that box on the retail installment sales contract notifying the customer of how much they’re borrowing and the […]
In this brief video, we have a high-level discussion of the Fair Credit Reporting Act. As I say in the video, the act itself could take 3 years of law school to understand, so I am sorry in advance for not going too deep into it (trust me, you would need a lot of Advil). […]
The Fair Debt Collection Practices Act (FDCPA) governs the activities of debt collectors. One of the most common questions I get is “Am I a debt collector?” Watch this video to find the answer to that question. Below is a transcript of the video: This is something that I like all dealers to […]
