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 […]
Check out the video below for a discussion on Electronic Title Registration Fees. In this video, I talk about how much a dealer can charge a customer and what it can cover. Don’t overcharge for ETR or you might face serious consequences. Below is a transcript of the video: I know there are […]
Most dealers know that they can only add tax, tag, and title to an advertised price. Just because a dealer down the street is breaking the rules, doesn’t mean you should too. Watch this video for a reminder of the advertising rules. Below is a transcript of the video: Let’s talk about something I […]
If you run credit, you have additional requirements (lucky you). One of those is to notify a customer if they have been turned down and why. Watch this video for more info. Below is a transcript of the video: For those dealers that check credit and turn customers down based on credit, the law […]
FBPA penalties are serious. In this video, we talk about the penalties for a violation of the FBPA. If you think “the car isn’t worth that much, they can’t possibly get that much,” you may very well be wrong. Below is a transcript of the video: Let’s talk about penalties under the Fair Business […]
If the Secretary of State opens up a Fair Business Practices Act violation against you, you will likely receive a Notice of Investigative Demand in the mail. In this video, we discuss what that is and how to handle it. Below is a transcript of the video: In the last video on the Fair […]
The elephant in the room – The Fair Business Practices Act. This may be the most important video in the entire program – about 5 minutes devoted to the Georgia Fair Business Practices Act. Did you know that an as-is sale doesn’t get you out of a violation of the FBPA? Did you know the […]
What can the government do? Investigate and penalize. One of the last things you may think about when running your business, and likely your biggest surprise, is receiving a notice of investigation from the government. The State and Federal governments regularly open investigations or motor vehicle businesses for compliance and consumer violations. These are not […]
