On January 1, 2011 you must have two new forms for customers to receive and we recommend that you require customers to sign them and you retain them for no less than 5 years (dead deals) and 7 years (consummated deals):
1. New FTC Privacy Forms – While all dealers have used a previously-approved FTC version of the Privacy Form, on January 1, you must provide all customers with one of several new Privacy Forms, if you want to fully protect your store(s). While your current Privacy notice is not invalid on January 1, we recommend that you adopt one of the new versions. You can elect the type of form you wish to provide based on how information about your customers is shared or not shared.
2. A brand new form dealing with credit scores – the Risk-based pricing notice, now referred to as the “Exception Notice” or “Credit Score Disclosure Notice“. This sounds confusing, but thanks to NADA there is a dealer-friendly solution for your stores.