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LAW-553Protect your dealership by using FADA/Reynolds’ new Buyer’s Order Vehicle Information form and Delivery Summary – designed to work with the revised LAW 553 Retail Installment Sale Contract.  Two major things in your F&I office can cost you hundreds of thousands of dollars, no matter who you are – paper and process.   But you can choose to sleep well at night when you call your local Reynolds Document Consultant and ask for the new FADA forms package.  For over two years, your association has worked with lawyers and lenders to construct three new forms that will give your stores the best protection possible following critical Florida lawsuits.

Why Do You Need These New Documents?

The issue is one of clarity and consistency for your customers.  The specific language in your buyers order must properly align with the language in the new LAW contract to avoid consumer issues in court. In 2011 and 2013, courts in two different cases (Rogers and Basulto) held that an arbitration clause contained in a retail buyer’s order was unenforceable when a subsequently signed retail sales installment contract stated it was the entire agreement between the parties.  In addition to amending the LAW 553-FL, two additional documents have been designed with terms and conditions consistent with the disclosures and agreements contained in the LAW 553-FL.

  1. LAW FADA-BOVI
    with or without arbitration Buyer’s Order Vehicle Information form
  2. LAW FADA-DLSUM
    Delivery Summary

Why Does FADA Support These New Forms?

  • FADA has an obligation to keep dealers informed about legal developments, as well as legal requirements.
  • FADA supports the 553, buyers order/vehicle information and delivery summary documents, because they have been drafted in a manner that uses consistent language throughout.
  • FADA believes that adoption of these forms provides a Safe Harbor to dealers.
  • FADA believes that adoption of these forms provides a common defense if ever challenged.
  • FADA believes the consistent language in the forms is clear, and conspicuous use of the forms helps to avoid claims of deceptive practices.

Any change in your F&I department will meet resistance and require understanding and adjustment.  But this change is a no-brainer!  It is tested and true!  It is not the perfect solution, but it is the best available solution and one that your association is proud to be launching with the Reynolds & Reynolds team!  Contact your local Reynolds Document Consultant or call 800.344.0996 to order today!

Make sure you are using the latest Florida Department of Revenue forms for the motor vehicle sales tax rates by state (last updated 2/25/14) and discretionary sales surtax rat more
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