If you printed and laid out all the documents needed to close the average vehicle sale end-to-end it would stretch out around 39 feet. Think about that for a second. That’s longer than:• The average two-story house (25 feet).• Standard yellow school bus (35 feet).• Two and a half mid-sized sedans (37 feet).
Now that you can imagine the scope of that paperwork, think about the quality of your documents. When was the last time they were reviewed? Who reviewed them? And is that person experienced in automotive finance law? These aren’t questions to take lightly. All it takes is for one foot of bad paperwork or one incorrect document to find yourself in legal trouble.
Manage your compliance risks by using documents from your state-specific LAW F&I Library™. These libraries provide you and your customers:• A complete suite of documents written in consistent and easily understood language.• Documents created and regularly reviewed by experienced attorneys specializing in automotive finance law.• Confidence in using a brand trusted by dealers and financial institutions across the country.
Stephen Payne, Assistant GM for Holiday Auto Group, credits adopting multiple LAW F&I Library documents for improving his group’s operations.
“We used to have discrepancies in different stores, including some stores utilizing their own homemade documents,” Payne said. “Using LAW documents in addition to the 553 helped clean this up and streamlined our business.”
F&I LAW Libraries include every document needed to complete a vehicle sale in your state – from the LAW® 553® Retail Installment Sale Contract to best practice documents that help minimize your compliance risks.
If you have any questions regarding your LAW F&I Library, or would like to schedule a free F&I Document Review to have an experienced Compliance Consultant review your current documents, visit our website today and fill out a contact form.