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SEARCHAutomotive Compliance Center introduced their new Web-based technology last week at the F&I Conference and Expo in Las Vegas.
Automotive Compliance Center introduced their new Web-based technology last week at the F&I Conference and Expo in Las Vegas.
The Fair Credit Reporting Act and the Equal Credit Opportunity Act require creditors to provide potential customers with written notices of adverse action when customers unsuccessfully request an extension of credit.
The new program from Automotive Compliance Center integrates with the dealership´s operating system and removes any consumer who has purchased a vehicle or has been submitted to a lender. The remaining consumers are automatically sent a notice of adverse action, according to the company.
Auto dealers are advised to send every applicant to a lender, but many do not have a system in place to confirm adherence to the policy. The failure to do so can cost dealers thousands of dollars. The fine for not sending a notice of adverse action is up to $10,000 per occurrence.
For more information about the technology, visit www.automotivecompliancecenter.com.
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