December 9, 2019

Auto Dealers Association publishes credit application article by Ron Gorsline and Dailey Wilson

The Greater Cincinnati Automobile Dealers Association (GCADA) recently published, "Does your credit application need a tune-up," an article by Ron Gorsline and Dailey Wilson. In the article, Ron and Dailey discuss adding several "recommended" disclosures in addition to those which are required by federal law in order to protect the dealership and fully inform the consumer.

If your credit application includes a question about whether the applicant is receiving alimony, child support or separate maintenance payments, the application must also state that the applicant is not required to reveal that income unless he or she wants to reply on that income in the determination of creditworthiness. Other recommendations include incorporating authorization to pull a credit report, obtaining telephone and text message authorization, and explanation as to the purpose of contacting the applicant's references.

Ron is a partner in the firm's Tennessee office. He focuses his practice primarily on consumer financial services and regulatory compliance, as well as taxation law involving tax-exempt organizations.

Dailey is an associate in the firm's Tennessee office. She focuses her practice on federal and state regulatory compliance for consumer lenders and rent-to-own providers.

Click here to read the article.

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