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Implementing the Consumer Finance Overview Initiative for Auto Dealerships

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Consumer credit is regulated by the states and by the federal government.  Some state and federal laws apply to all credit extended to consumers, regardless of the type of credit involved.  Other state and federal laws apply to some kinds of credit but not to others.  The sort of credit that we will focus on in these materials is closed-end credit extended without the creditor requiring collateral (“unsecured” credit) or extended by a creditor requiring collateral (“secured” credit). 

Implementation Steps in this Guide

  1. Edit and Distribute the Introduction to Non-Mortgage Consumer Lending Policy

  2. Distribute the Introduction to Non-Mortgage Consumer Lending Interactive Policy Training

  3. Distribute the Doing Credit Right Training

  4. Distribute the Deals Fair and Square Training

Edit and Distribute the Introduction to Non-Mortgage Consumer Lending Policy

Edit the policy

  1. Click on the Library tab
  2. Search for "Introduction to Non-Mortgage Consumer Lending Policy" and click on it
  3. Click on the Edit button to view the list of versions
  4. Click Create Draft to the right of the latest published version
  5. Click Edit next to the Draft version that you just created
  6. Make desired changes to the policy
  7. Click Publish when you have finished editing the policy

Schedule the activity for distribution

  1. Click on the Workspaces tab
  2. Click on the Consumer Finance workspace
  3. Click on the Consumer Finance Overview initiative
  4. Click on the Introduction to Non-Mortgage Consumer Lending Policy
  5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in the sales process.
  6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
  7. Click Save

Distribute the Introduction to Non-Mortgage Consumer Lending Interactive Policy Training

Schedule the activity for distribution

  1. Click on the Workspaces tab
  2. Click on the Consumer Finance workspace
  3. Click on the Consumer Finance Overview initiative
  4. Click on the Introduction to Non-Mortgage Consumer Lending Interactive Policy Training
  5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in the sales process.
  6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
  7. Click Save

Distribute the Doing Credit Right Training

Review training details

Title Duration (Minutes) Type Description
Doing Credit Right 40 Course This course is intended for anyone who works at an automobile dealership selling or leasing vehicles. This course covers the part of the deal beginning when a customer has agreed to buy a vehicle from your dealership and wants to talk about credit.

Upon completion of this course, you will be able to describe your legal obligations to:
- Keep customer information private
- Avoid discriminating against your customers
- Request a credit report on a customer
- Provide an Adverse Action Notice
- Handle spot deliveries
- Follow best practices when the customer signs
- And, report cash transactions to the IRS

Schedule the activity for distribution

  1. Click on the Workspaces tab
  2. Click on the Consumer Finance workspace
  3. Click on the Fair Credit Reporting Act initiative
  4. Click on the Doing Credit Right Training
  5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
  6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
  7. Click Save

Distribute the Deals Fair and Square Training

Review training details

Title Duration (Minutes) Type Description
Deals Fair and Square 40 Course

This course is intended for anyone who works at an automobile dealership selling or leasing vehicles.
It’s broken into several lessons to help you navigate deals fair and square:
• Getting to Gold
• Mining for Customers
• Warranty Talk
• Used Cars
• Negotiating the Deal
• And, Safeguarding Customer Information

Upon completion of this course, you will be able to:
• Build lasting customer relationships based on treating customers fairly
• Increase customer referrals to you as an ethical dealership
• Better understand warranties
• Exercise best practices on common advertising techniques when selling used cars
• Negotiate the deal ethically
• Avoid trouble with trade-ins
• And, safeguard customer information

Schedule the activity for distribution

  1. Click on the Workspaces tab
  2. Click on the Consumer Finance workspace
  3. Click on the Fair Credit Reporting Act initiative
  4. Click on the Deals Fair and Square Training
  5. Click on Groups and assign to the appropriate groups, such as management, controller, sales, finance and insurance, and anyone who participates in a credit transaction or is responsible for sending an adverse action notice.
  6. Click on Schedule and set an annual schedule based on the Hire Date. We recommend that you set the Immediate Distribution option to Yes. 
  7. Click Save

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