TILA (an acronym for Truth in Lending Act) is a United States federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost. It was originally known as Title I of the Consumer Credit Protection Act enacted May 29, 1968.  It was created....

With every New Year comes some end of year reporting functions that must be accomplished within a certain time frame  and the preparing and mailing of 1099’s is one of them.  In this blog, we will take a quick look at the form and the reason for preparation.  We will....

The Consumer Financial Protection Bureau (CFPB) has issued a report, proving that one-in-five borrowers who take out a single-payment auto title loan have their vehicle seized by their lender as a result of failing to repay their debt. According to the CFPB’s research, more than four-in-five of these loans are....

In this ever-evolving world, more and more dealerships are looking to use Force Placed Insurance (also known as Collateral Protection Insurance or CPI). Is it worth it and what exactly is it?   Force-placed insurance, also known as creditor-placed, lender-placed or collateral protection insurance is an insurance policy placed by....

Can dealers make a profit from leasing? The answer is a resounding Yes, and in the same ways one would make a profit from selling a car. Dealers will make the profit from the price the customer agrees on at the beginning and end of the lease. Dealers will also....

In a perfect world we would be free of human error. Unfortunately, the world is not perfect; mistakes are made, and auditors are not known to be forgiving. Think of all the many pages of documents needed for the sale of a vehicle and multiply that by the number of....

In today’s times, with more and more people keeping their vehicles longer, it means that they will incur more mileage and also more breakdowns over the life of the vehicle.  But with the rising cost of repairs, is it worth it to purchase an extended warranty?  But what exactly is....

Paying bills has never been more convenient thanks to a British scientist creating the World Wide Web in 1989. 56% of Americans pay their bills online according to a study that tracked bill pay habits of consumers. Online payments offer the flexibility to pay anywhere, anytime. Whether stuck in a....

Is your dealership in a rural or urban location?  What types of vehicles are your customers looking for?  What are your best-selling units?  What is your areas best-selling units?   These questions can make or break a dealership in this industry.  Without knowing who your customers are or what they....

Over the years, the way that dealers communicate with their customers has changed. In the past, dealers would generate a list of customers’ that they would mail letters to for prospecting, service reminders and even to wish the customer happy birthday. As technology has developed, these letters have become obsolete....