DAYTON, OHIO — The Massachusetts State Automobile Dealers Association endorsed the Reynolds and Reynolds LAW 553 Universal Retail Sale Contract for the nearly 500 franchised automobile and truck dealerships the association represents throughout the state.
The LAW 553, as it is commonly known in the industry, is the most widely used document in automotive finance. Reynolds offers a Massachusetts-specific LAW 553 retail installment contract that is accepted by a wide range of funding sources.
“We’re pleased to add the Massachusetts State Association to the large group of organizations actively endorsing the LAW 553,” said Jerry Kirwan, senior vice president of Reynolds integrated document solutions. “It is a proven, cost-effective tool to help increase productivity and profitability in a dealership and using it is one more step dealers can take to improve their business operations.”
Using LAW contracts can help decrease the time it takes to process a vehicle loan and the potential for errors, since one standard contract and set of procedures can be used consistently for all retail finance deals. LAW contracts also help simplify lending processes between automotive retailers and financial institutions.
By offering the LAW 553 to their dealership members, the Massachusetts State Automobile Dealers Association can help assure that its members are using sale contracts that accurately reflect Massachusetts law and industry regulations. The Reynolds LAW 553 is regularly reviewed to keep pace with new legislative and regulatory developments.