April 13, 2020
Partner Eric Johnson comments for Automotive News article on digital F&I during the COVID-19 crisis and beyond
On April 13, Automotive News spoke to Partner Eric Johnson about the compliance implications dealerships are facing as they ramp up digital sales during the COVID-19 pandemic. Although some dealerships were more prepared to transition more quickly to fully digital sales, dealerships that launch virtual F&I programs without a plan open the dealership up to a host of compliance liabilities.
Eric advises dealerships to maintain meticulous records of F&I presentations, even through virtual means. Recording F&I product presentations conducted over video conferencing platforms could help or harm a dealership, depending on their processes.
"That's Exhibit A for any kind of lawsuit by the consumer or from a lending source," said Eric. "You better have a really good closing script that you've had reviewed by an attorney, and you do it right each and every time. Whether it's done on Skype, over the phone or in person, you have the same compliance responsibilities you have to meet."
Eric assists national and state banks, savings associations, credit unions, mortgage bankers, other licensed lenders, motor vehicles dealers and automotive finance companies in the development and maintenance of nationwide consumer mortgage and automobile finance programs; online motor vehicle sales programs; litigation funding programs; and electronic payment programs.
Click here to read the Automotive News article.