OFAC
FTC
CFPB
REG Z
TILA
MLA
REG M
IRS 8300
Compliance Got You Confused? It Need Not Resemble a Bowl of Alphabet Soup.
There are countless Federal and State laws, rules and regulations that all dealers must adhere to today. Failure to do so can ultimately cost your dealership dearly in penalties and fines and possible closure. Terms such as OFAC, FIN CIN 8300, REG Z, REG M, CFPB, TILA, FTC, MLA and many other acronyms can sometimes resemble a bowl of alphabet soup of regulation. Ultimately, what happens at your dealership is your responsibility; however software can serve as a beneficial tool in avoiding some of these costly and dangerous pitfalls.
- Checks your customer against the Office of Foreign Assets Control (OFAC) Blocked Persons List and notifies you if a potential match is discovered
- Displays a warning message if your state's Annual Percentage Rate cap is violated
- Integrates into 700 Credit "Out of Wallet" authentication questions for suspected identity thieves
- Displays a warning message whenever a Pick-up Payment is scheduled AFTER the second normal installment payment is due
- Computations, iterations, and formulae comply with Federal Regulation Z
- Provides the ability to print an FTC Buyers Guide after a vehicle is entered into Inventory
- Ability to Produce an IRS FIN CIN 8300 Form on Qualifying Transactions over $10,000.00 and the corresponding Notification Letter that is to be mailed to your customer
- Warnings issued when your BHPH Customer's Insurance Coverage is about to lapse
- Ability to check your customer against the Active Military Database and if designated, issues a warning if you exceed APR limits that you are allowed to charge; also cautions against selling certain ancillary products without written and verbal disclosures
- Initial and Annual Privacy Notices available
- Consent Form to Contact Customer via. Phone, email and Wireless Devices available
- Risk Based Pricing Notice and GPS Installed Disclosure forms available
- Warning Message is displayed in the event a VIN is possibly entered incorrectly
- Create new users, assign passwords, and restrict user rights
- BHPH Audit Trail continually records each user's deletions, modifications, and irregularities
- Alerts in the event your customer has not yet reached the age of majority
