24 Feb F&I Compliance is No Longer an Option. Stay Current, Stay Protected
When was the last time your dealership took a look at your F&I compliance readiness and procedures? That long, huh?
In an ever-changing regulatory environment within auto sales, it’s more important than ever to make sure your F&I team is up to date on both state and Federal rules because what was once a rule last year has likely changed since. And we all know that with a change in administrations in Washington DC usually comes new rules or changes to existing ones.
Here’s a quick list of the basic topics a strong compliance training system should be offering your team:
Accounting Compliance Checklist Adverse action notices
Cash Reporting Conditional (spot) delivery
Credit Apps Customer signature
Ethics F&I Menus
F&I Products Fair Credit Reporting Act
FTC Rules (all of them) GAP
Magnuson-Moss Warranty Act Menu terms
Negative equity rules Non-negotiables
OFAC Preventing in-dealership theft
Quoting payments Red flag rule
Regs M and Z Retaliation
Check with Your Administrator
If your current administrator is not offering a full suite of compliance training for your staff, it may be time to shop around. Offering the topics listed above (hint….we do) only serves to make sure your F&I staff is ready for anything and everything no matter what deal comes into their office. It can make or break a dealership’s reputation if a legal issue arises that could have been avoided.
TruCompliance, offered by TruWarranty, is such a program. Fully online, self-paced training (safer especially now to reduce travel for your staff) done at your store and offered free when you sign up for any preloaded bundle products. Nothing better than free, right?
Your staff can work through the modules in their free time and directors and monitor their progress to be sure they are successfully completing and retaining the knowledge.
Federal compliance regulations are nothing to take lightly and with TruCompliance, your store will know it’s ready and up-to-date. That protects your bottom line and helps elevate the performance of your F&I staff.
Click here to see how easy it is to get started with TruCompliance through participation in TruWarranty’s preloaded ancillary bundles. It’s crazy-easy, we promise.