Remember in a credit transaction, you are the creditor, and if the transaction is cash, there are more rules to follow. You are ultimately responsible to see your employees are trained and understand their role in compliance. Many times what they don’t know can cause us as much trouble as what they do know. Get your personnel responsible for compliance issues trained.
One of the best tools on the market is the Association of Finance and Insurance Professionals (AFIP). This is a college-level course in federal and state regulations and also has a section on ethics.
Join a 20 group to learn fellow dealers’ best practices and problems they have encountered. Contact a professional for a compliance review. You will probably be amazed at what they can uncover in a short time.
Often dealers tell me they are compliant and their employees follow all the rules. After a short visit, most learn their exposure is far greater than they imagined. Get busy and get the knowledge you need to be successful.
AFIP can be contacted at 5100 Thompson Terrace, Colleyville, Texas, 76034, phone: 817/428-2434.Click here for reuse options!
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