PrintFriendlyShare

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!

The American Truck Dealers, a division of NADA, (ATD) has heard reports of an increase in federal excise tax (FET) audit activity in certain regions of the country, with par more
  • 2014 Dealer Day Attendees with Florida House Speaker Will Weatherford

    2014 Dealer Day Attendees with Florida House Speaker Will Weatherford

  • FADA Chairman Bob Lee, Senator Flores, Representative Albritton, and FADA President Ted Smith

    FADA Chairman Bob Lee, Senator Flores, Representative Albritton, and FADA President Ted Smith

  • Representative Waldman with Chairman-Elect Jonathan Chariff

    Representative Waldman with Chairman-Elect Jonathan Chariff

  • Chairman Bob Lee presents Representative Matt Gaetz with the FADA Legislator of the Year Award

    Chairman Bob Lee presents Representative Matt Gaetz with the FADA Legislator of the Year Award

  • Frank Deluca and Alan Wildstein Win Northwood Awards at NADA

    Frank Deluca and Alan Wildstein Win Northwood Awards at NADA

  • Congressman Rooney  with Ted Smith

    Congressman Rooney with Ted Smith

  • Congressman Yoho with CFADA

  • FADA Nominee, Richard R Dimmitt, with sons Peter and Rick

    FADA Nominee, Richard R Dimmitt, with sons Peter and Rick

  • Ted Smith speaks to Honda's Jet class in Tampa on 1/29/14

    Ted Smith speaks to Honda's Jet class in Tampa on 1/29/14

April – May 2014

April 24, 2014 @ 12:00 pm – 1:00 pm
Presenter: Nick Hardesty, District Manager, KPA Are you really compliant? How often are you told something that seems too good to be true? Whether in your personal or professional life, there are always those things[...]
Presenter: Mike Esposito, CEO of AutoMate The proven way to improve customer retention is to focus on your employees and to create a great place to work.  Car dealers spend millions every year on customer retention[...]
May 1, 2014 @ 1:00 pm – 2:00 pm
Presenter: Mark Rodriguez Take your Showroom Sales and Receptionist Skill Set to a New Level… Phone Skills in the Showroom and the BDC have never been more important than they are today.  It is mission critical[...]
Presenter: Don Tipton of DTC Retail Consulting Opportunity is knocking for improved sales and profits in the Service Department…A Good Business Plan will help you succeed. Are you a Fixed Ops Business Builder or like many,[...]
Presenter: Samantha Cunningham of Potratz Advertising Seven Most Effective Online Marketing Ideas for Immediate Implementation…Cut Through the Clutter! There is no shortage of conferences and workshops on what you should be doing in the realm of[...]
Presenter: Joe Magyar CPA of Crowe Horwath New opportunities make Captive Insurance accessible to more and more dealers. Learn how to employ this strategy for added protection, cash flow and tax benefits. In this workshop,[...]