Learn from the leaders in F

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Learn from the leaders in FI A Panel Discussion

• Moderated by David Parker
• FI is how you make the money. Compliance is how
  you keep it.

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Finance Department Best PracticesJared Zimlin
Priority One

• FI Sales Position not clerical
• Selling Reassuring Customer
• Selling Underwriters
• Why they should buy the deal

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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FI Menu

• The best way to present to all customers every
  time
• Sign to decline
• 100 T/O Most
• 3 x 100!

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Reserve

• Initial Interview
• How much above buy rate do you start with?
• How do you ask for it?

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Gap / Credit Life / Disability Insurance

• What is it?
• Who should buy them?
• How do you ask for it?
• Sign to Decline

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Extended Warranty

• How do you ask for it?
• Sign to Decline

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Tire Wheel Coverage

• Presented on the Menu
• Similar to AAA Except covers the tires and
  wheels
• Often offered through Extended Warranty companies

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Prep the Customer for T/O to Business Mgr.

• Bring up the topic of financing
• Cash or Finance?
• Mention a product or two
• Introduce the Business Mgr.

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Know Your Lender Limits

• Some will advance 120 plus extras
• Tax, Reg., After Market Products
• Some 130 of advance all inclusive
• Can be 3,000 to 5,000 / deal for after market
  products

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Document Fee After Market ProductsMark
Vanlente Action Water Sports

• Different names
• - Doc Fee / Admin Fee, etc.
• What is a reasonable charge?
• Some states limit the amount
• Many states charge to one customer, must charge
  to all

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Document Fee After Market Products

• Make the Doc Fee Non-Negotiable
• Preprint Doc Fee on sales order
• Charge the same ...cash or finance
• Many states taxable
• Charge for freight and prep instead?
• How do you explain what it is for?

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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After Marker Products

• Retail Insurance
• Better Coverage
• Stated/Agreed Value vs. Market Value
• Bind Coverage on Weekends
• Marketing Fee Paid on each referral?

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Aftermarket Products

• Pre-paid service (Provided In-House)
• Bundle 2-3 Seasons Maintenance/Storage
• 50/100/150 Hour service included
• Discount 20 to 30 for prepayment
• Worry Free Boating for 2-3 seasons
• Fiberglass Vinyl / Upholstery
• Many sell for 1,499 cost installed 450
• 1,000 profit
• Any other products???

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Subprime Credit RisksGlynn Cooper Marine One
Acceptance

• How is it different from A B Risks?
• Indirect Paper Only
• Max Loan/Term
• Recent Bankruptcies
• Reserve Paid?
• Avg Credit Score?
• Non-Recourse Loans?

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Credit Application Best Practices

• Credit Application
• More information - Quicker approval
• Written Authorization
• Minimize Access
• Keep it Secured

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Credit Application Best Practices

• Credit Application
• Written Security Procedures w Chain of Authority
• Written Procedures for Storage
• Ignorance of rules opens mgmt to Personal
  Liability!

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance IssuesLen Bellavia Bellavia
Gentile

• Compliance is how you keep it!
• Privacy Act 2 Components
• Privacy Notices
• Dealership policy How their private info is
  collected, stored and protected
• Includes SSN and DL s
• Safeguarding information
• What you need to know do

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• Compliance is how you keep it!
• 2. Safeguarding information
• Must be secured at ALL times
• Designated person to pull Credit Bureaus
• Keep credit apps for two years
• Proper disposal of documents Shred or Burn
• Penalty for Non-Compliance 11,000!

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• OFAC Check List
• Office of Foreign Asset Control Terrorist
  Watch List
• Keep a copy of Drivers License and OFAC
  Clearance in each deal folder
• Penalties for non-compliance
• 5m fine 30 years in prison

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• Red Flags
• Written Manual
• Compliance Officer in dealership
• Red flags check copy in deal folder
• Max civil penalty 3,500 per violation
• Medco, FPC are sources OFFAC Red Flags Checks

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• Patriot Act 3 Provisions
• Cash Reporting Form 8300
• 10,000 collected in cash
• Includes cashiers and bank checks
• Does not include personal checks

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• Patriot Act 3 Provisions
• 2. Adverse Action Notices
• - Circumstances when a dealer is required to
  provide
• 3. Notations on Credit Report
• - Must call customer

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• Fair Credit Reporting Act (FCRA)
• Requirements
• Risk Based Pricing Notice
• Credit Score Disclosure
• Keep all credit applications 24 months
• Penalties
• - 100 to 2,500/infraction

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• Truth in Lending Act (TILA)Regulation Z
• Accurate Marketing Disclosure of
• Down payment, terms APR
• Trigger Terms
• Down Payment
• Interest Rate or Term
• Penalties
• Up to 5,000 fines up to 1 yr in prison

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• Electronic Security
• Enterprise level Firewalls
• Intrusion Detection System (IDS)
• Backups daily
• Employee access restricted
• Complex passwords changed often

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Compliance Issues

• Electronic Security
• Lock file and server room
• New Login required if no keyboard activity
• Background checks on all employees
• Cross shred all sensitive documents
• Email filtering for personal info SSNs
• Do not email credit apps or contracts

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Summary

• FI is how you make the money, compliance is how
  you keep it
• Ways to increase Income
• FI Menu
• Reserve
• Doc Fees - 399.00 / deal
• Subprime Lenders
• GAP/ Credit Life/ Disability

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Summary

• FI is how you make the money, compliance is how
  you keep it
• Ways to increase Income
• After Market Products
• Extended Warranty
• Tire Wheel
• Retail Insurance referrals

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Summary

• FI is how you make the money, compliance is how
  you keep it
• Ways to increase Income contd
• After Market Products
• Fiberglass / Upholstery Protections 1,000/deal
• Prepaid Service
• Sign to Decline

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Summary

• FI is how you make the money, Compliance is how
  you keep it
• Procedures for Compliance
• Credit Applications
• Safeguarding Information
• OFAC and Red Flags Check Lists
• Form 8300 10,000 Cash Rule

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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Summary

• FI is how you make the money, Compliance is how
  you keep it
• Procedures for Compliance
• Fair Credit Reporting Act
• Risked based pricing notice
• Credit score disclosure notice
• Regulation Z Payment Disclosures
• Trigger Terms Down Pmt, Rate, Term
• Electronic Security Firewalls, PWs, etc.

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.

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FI Panel

• Questions?

• Learn from the leaders in FI
• Moderated by David Parker
• Tuesday, Nov. 13
• 2 p.m.