The Office of Financial Regulation (OFR) regulates dealer activity in the areas of F&I sales and retail installment sales (your financing of deals with lenders). FADA follows actions taken and investigates when issues arise that impact you. We are proud to report this advocacy has produced three changes to OFR policies:
- An older policy by OFR relating to how dealers remit payments to your Vehicle Service Contract vendors has been revised to allow the current practice by dealers of remitting the premiums, net of dealer commissions.
- OFR previously cited dealers for breaking out dealer fees on the RISC. They have now advised that they will allow fees to be placed elsewhere on the RISC and not in Line 1. This has resulted in a request to Reynolds to add disclosure language to the RISC to protect dealers from recent lawsuits related to dealer fee disclosures, Chapter 501.976.
- They have relaxed an opinion that dealers must file every lawsuit initiated against them during the licensing year rather than just updating the Department at renewal on such lawsuits.
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