{"id":2993,"date":"2017-09-18T10:00:08","date_gmt":"2017-09-18T14:00:08","guid":{"rendered":"https:\/\/www.autoraptor.com\/?p=2993"},"modified":"2017-09-18T10:00:08","modified_gmt":"2017-09-18T14:00:08","slug":"avoid-worst-auto-finance-compliance-mistakes","status":"publish","type":"post","link":"https:\/\/www.autoraptor.com\/blog\/avoid-worst-auto-finance-compliance-mistakes\/","title":{"rendered":"How to Avoid the 6 Worst Auto Finance Compliance Mistakes"},"content":{"rendered":"

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Simple errors can result in auto finance compliance slip-ups that get your dealership in big trouble. Here\u2019s how to steer clear of these damaging situations.<\/h2>\n

As a finance manager, what would you say is the most important part of your job?<\/p>\n

If you\u2019re like many others in the same profession, there\u2019s a good chance you said something to the effect of \u201cmaking money.\u201d It would be silly to say that making money isn’t important\u2014after all, that\u2019s why most people have jobs in the first place. But if it\u2019s your number one priority, you may not have a job for long.<\/p>\n

Why? Because in dealerships, auto finance compliance<\/a>\u00a0needs to be at the top of your list. If you\u2019re making too many mistakes and ignoring compliance, they\u2019re eventually going to catch up with you and you’ll be in big trouble.<\/p>\n

Auto finance compliance mistakes you can\u2019t afford to make<\/h3>\n

Mistake #1: You tried to finish paperwork too quickly, and it has quite a few glaring errors.<\/strong><\/p>\n

How to avoid this mistake:\"auto<\/p>\n

This type of error is prevalent in the F&I world, and it can get you in a lot of trouble. There are a few ways, however, to avoid any auto finance compliance issues. First, slow down\u2014just a little bit. You probably feel lots of pressure to move quickly, but if you chill out now, you may not have to correct anything later.<\/p>\n

Second, someone in your dealership should make sure all the paperwork coming out of finance is compliant. Errors are much more likely when a deal has to get passed around multiple times, so having that final line of quality control is paramount.<\/p>\n

Mistake #2: You avoid complete disclosure because you\u2019re afraid the customer will back out of the deal.<\/strong><\/p>\n

How to avoid this mistake:<\/p>\n

Don\u2019t rely on the disclosure blocks on your contracts to fill your customers in (assuming they even read the fine print and find them). The customer has made it this far, and it\u2019s extremely doubtful that they\u2019re going to walk away if you disclose properly. Always be clear and upfront with your customers\u2014you may not be delivering news they love, but they will respect you for being honest and view you as a credible person.<\/p>\n

Mistake #3: You didn\u2019t send the right paperwork to the bank when seeking financing for a customer, and now you have to start all over again and make the client wait.<\/strong><\/p>\n

How to avoid this mistake:<\/p>\n

Banks usually have checklists you can use to make sure all the correct paperwork is sent their way for faster funding. Follow these checklists for help in making sure you submit the correct paperwork for every deal.<\/p>\n

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