May 1, 2020
Partner Eric Johnson contributes to Cherokee Media's Auto Finance whitepaper
On May 1, Cherokee Media Group, publishers of pre-owned industry media including SubPrime Auto Finance News and Auto Remarketing, released Part 3 of their whitepaper series, "A New Age of Digital Buying & Selling." According to Cherokee, Part 3, which focuses on auto finance, "highlights industry experts who explain the nuances of compliance and the pitfalls of fraud, discussing recommendations and other considerations to sharpen your operation that makes invaluable financing and voluntary protection products available."
In the whitepaper, Hudson Cook Partner Eric Johnson discusses some of the potential pitfalls to watch out for when dealers utilize remote financing and delivery. He notes that "besides possibly violating state dealer licensing statutes that may restrict your sales to your dealership location and possibly violating your agreement with your financing source, you might be violating a federal law permitting a 'cooling-off period' for sales made at a customer's home." Dealers should run their policies and procedures past knowledgeable attorneys and make sure they "comply with what they're doing whether it's remote sales, remote delivery, test drives and financing," Eric said.
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. For more information on remote sales, click here to read Eric's Insights article.
Cherokee Media is offering the whitepaper at a reduced price. Click here for more information.