MINNEAPOLIS — Wolters Kluwer Financial Services released RefundOne Q4, a tax estimation solution to help buy-here, pay-here (BHPH) dealerships sell inventory at year-end.
RefundOne Q4 allows BHPH dealers to estimate a customer’s 2009 federal tax refund at their dealership in the fall instead of waiting for tax season. The customer can then decide if they want to use the estimation as a basis for deferring down payment on a purchased vehicle until they receive their tax refund from the Internal Revenue Service (IRS) in 2010.
Wolters Kluwer’s industry-exclusive, warranted Bankers Systems retail installment contracts are integrated into the RefundOne Q4 program, contractually tying the customer’s deferred down payment obligation to the purchased vehicle as collateral. This helps protect both the dealership and the customer, and meet compliance requirements of the federal Truth in Lending Act (TILA).
“RefundOne Q4 is an ideal tool for buy-here, pay-here dealers as they look for ways to attract potential buyers to their dealerships in a difficult market,” said Lee Domingue, CEO of indirect lending at Wolters Kluwer. “It helps dealers make more sales and reduce their inventory at the end of the year, while simplifying regulatory compliance for the dealership.”
RefundOne Q4 expands on and complements the company’s original RefundOne credit application and tax preparation service for dealers. RefundOne is used during tax season to estimate a customer’s tax refund amount, prepare a customer’s tax return, and apply for a refund anticipation loan on the customer’s behalf. This technology helps dealers better serve customers in January and February when they typically start to see an increase in tax-related vehicle sales.