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Can i document type e sign financial funding proposal template ohio
in unit 6 we're gonna cover financing and statistics in our industry have shown that if you do offer your customers some type of financing then you're gonna sell a much higher number of vehicles so if you want to you can tell every single customer to just bring in their own cash but you're gonna be turning away a lot of customers and there are studies that have shown that about 85 to 90 percent of your customers will need to obtain a loan in order to purchase the vehicle from you so you know there are basically two different types of financing that you can offer your customers on the spot financing and buy here pay here so you know on the spot financing it's a term used when you have a relationship with a third party lender such as a bank or maybe an online dealership lending service when your customer wants to purchase a vehicle you can log on to that third-party lender and put your customer information a lot of times you just need to input their name social security number of birthday and then click Submit and the third party lender will then process that application and hopefully approve that lending on the spot and this is where the term on the spot lending originated so if the customer if the third party lender approves your customers loan then the customer will make payments to the third party lender and the third party lender will transfer that entire purchase price into your account and normally that will happen within you know one to two or maybe three business days so the wire transfer the entire purchase price into your account you know a couple of days later buy here pay your dealerships operate a little bit differently so if you choose to become a buy here pay here dealership you might for example purchase a vehicle and an option then sell it to your customer with the customer making payments directly to your dealership maybe every other week or every month regardless of the type of financing you may offer if you offer any type of financing or even if you simply assist your customer in gaining a loan for a vehicle that you're selling you're recognized as a loan broker okay and in brokering loans basically that you've become a financial institute and you're gonna need to follow several state and federal laws that regard financing so first we're going to cover Ohio financing laws that will affect financing and then we'll discuss some federal laws after that Ohio law requires all retail installment contracts to be in raining so if you're using a third party lender be sure the paperwork that they are using is compliant with Ohio laws obviously in addition to all federal laws you know if you're operating a buy here pay here dealership you know be sure all the documents completed by your attorney for you to use on the transaction are compliant with Ohio and federal laws as well you know the state law in Ohio requires that the customer is given copies of all finance documents and is normally going to be required to sign a document stating that they have received copies so you know once again be sure to make two copies of every document one goes to the customer and one goes into your dealer records Ohio law also requires certain details to be included in all written installment contracts and remember this DOMA contract is any contract that is involved with a financing deal so any installment contract would actually have to have the price listed the down payment you know the cost of any insurance if require you have to have all finance charges listed a balance due under the contract you know all the details of the payments and by the way you know dealers are strictly prohibited from giving out a customer social security number or credit card or credit card account number and things like that I mean that's pretty much common sense but you certainly need to be aware of that Ohio state laws also prohibit any business from printing more than five credit card expiration dates on a customer's credit card receipt as well so no matter what you know normally when you're using a third party lender they're going to print this paperwork up to you for you automatically but if you do become a buy here pay here do it's gonna be imperative that you do have your attorney draw you up the correct written installment contracts so those are a couple of the state laws before I talk about federal finance laws I want you to be aware that federal law does what we say supersedes state law so although we're following all the state laws you know that come out of Columbus we're also following the stricter federal laws that come out of Washington and there tends to be many more federal laws that involve financing than state law and I'm going to cover some of these with you now including the main 3por the most of the main three laws from Washington called the Truth in Lending Act the Equal Credit Opportunity Act and the greet the gramm-leach-bliley Privacy Act so everyone let's go ahead and get started with the Truth in Lending Act the Truth in Lending Act requires you to disclose all credit terms in writing and must disclose the following information in writing to any customer that's obtaining a loan for a vehicle so in writing you're gonna have to disclose the length of the time of the loan the amount financed all finance charges need to be in writing a schedule of the payment you have to identify the creditor whether it's maybe you or a bank or a third party lender you have to have a complete itemization of the amount financed an annual percentage rate including any applicable variable rate disclosures a total of all the payments the payment schedule you'll also have to include any prepayment or late payment penalty fees if applicable okay so if you must have the total sales cost the demand feature you know any required deposits and references to contract okay so if you have ever purchased a vehicle with a loan you've seen this great big long document that has you know the total of all the payments and the interest rates and things like that you know as I said earlier if you're using a legitimate third-party lender then they should print this information up for you automatically okay so if you're shopping third party lenders always ask them if they're complying with the Truth in Lending Act if you ever have a third-party lender that asks you well what's the truth-in-lending Act we certainly don't want to use that company so you want to make sure that all this documentation is printed up when you hit the print demand option on any of your dealer financing software that you might be using or a third party company and I'm sure that you know if you're using a competent Ohio attorney to drive your paperwork I have no doubt that they'll make sure that you have the truth-in-lending act requirements in writing okay next let's cover the Equal Credit Opportunity Act okay the Equal Credit Opportunity Act when you're helping your customers gain financing you're also going to have to follow the Federal Equal Credit Opportunity Act okay and what this does it just insert ensures that all consumers are given an equal chance to obtain credit so you definitely need to be aware of this because you know when we are sitting down with our customers you know obviously we're going to be asking them some questions during the loan application process but there are several questions that you are strictly prohibited from asking you know factors such as you know income expenses debt credit history are still taken into consideration obviously but anyone that is granting credit such as an automobile dealer who arranges financing through third party lenders or automobile dealers offering buy here pay here financing and also motor vehicle dealers that act as lien holders must follow the Equal Credit Opportunity Act so you know I want you to be aware during this loan application interview you cannot discourage your customers from from applying for credit because of their sex or their marital status their age their race or their national origin or if because they receive public assistance so you know if your customer receives public assistance you certainly could not discourage that person from applying for a loan also during a loan application interview you can never ask your customers to reveal their sex or their race or their national origin or the religion you can't ask a customer if they're their divorce oh you can't ask a customer about marital status and you know also you can never request a customer spouse information unless the spouse is renewing that account with the customer you can also never ask your customer if they have plans for raising children so you know let's just say for example you've got a young couple applying for a loan to buy a vehicle from a dealership and you say hey are you two thinking about starting a family unfortunately you just broke a federal law so this federal law is very clear you may never ask your customers for plans about raising children also you can never ask your customer if they receive child support I want to repeat that you cannot ask your customer if they receive child support this is a violation of federal law you can ask if they have to pay child support but you can't I asked if they have to if they receive child support you can ask them say for example if they've receive other income but you can't ask them if they receive child support that is a violation of federal law I certainly want you to be aware that we're of that you cannot consider whether or not your customer has a telephone listing in their name and also I want you to be aware something you know kit you can never consider a person's age on a legally binding loan application unless you assume that person is not 18 years of age so remember earlier in the course we need to ensure that our customers at least 18 years of Ace so you can never consider a person's age when they're applying for a loan unless you suspect they're less than 18 the state law does allow you to require your customers or so some type of proof of age if you suspect that they're less than 18 so also you know when you're evaluating a customer's income you know you may never refuse to consider public assistance income as that exactly as you would employment incomes and so what don't I mean by that let's just say for example you're a buy here pay here dealer and you've got one customer that receives like $1,000 public assistance from the government every month and you've got another customer that makes $1,000 you know working as some factory well you have to determine those incomes exactly the same so this law would never ever allow you to differentiate between public assistance income and employment income so when you're doing a loan application River employment income and public assistance income must be considered the exact same okay so also like I said you don't want to ask if they're ever starting about thinking of family but if you if you ever deny a credit application and let's just say for example that you're a buy here pay here dealer and you have denied somebody you know a credit applicant application or approval then you must know let them know in writing exactly why their application for credit was rejected so you must give the customer notice that tells them the specific reasons for the rejection of the credit application within 60 days so I want to repeat that if you're a buy here pay here dealer and you have refused a credit application to one of your customers you will know to notify that customer in writing within 60 days and access acceptable reasons in writing for explaining why you denied the credit application would be something like telling the customer your income was too low or maybe telling the customer you haven't been employed long enough so unacceptable reasons would be something like you know you didn't meet our minimum standards or you didn't meet enough points on our personal dealership credit scoring system okay you can't say something like that indefinite and vague reasons are illegal so you must be very specific and let the customer say for example know their credit application was declined because their income was too low or possibly they have not been employed long enough but I want you to be very very aware the credit applicants that have been denied equal lending opportunities under the Equal Credit Opportunity Act may recover punitiveness from your dealership for up to five hundred thousand dollars or one percent of your net worth whichever is less I want to repeat that very statement credit applicants that have been denied equal lending opportunities under the Equal Credit Opportunity Act may recover punitives damages from your dealership for up to five hundred thousand dollars or one percent of your net worth okay so you know compliance compliance compliance it is definitely the name of the game here especially when we're talking about these federal lending laws that are coming out of Washington so you know if you are let's say for example using a third-party lender the third-party lender is going to have that software on your computer and you're just gonna be asking those specific questions that you see on your screen on your screen it'll say you know how much is the customer's annual income what is the household total yearly income things like that so just stay on the questions that you see on that third-party software screen okay you don't ever want to you know reach around the side of the computer and ask that customer if they're married or something like that you know that would definitely be a violation of the law and you could face significant financial penalties so make sure that you're complying with the Equal Credit Opportunity Act the next law I want to talk to you regarding financing that comes out of Washington which is obviously a federal law is going to be the gramm-leach-bliley Privacy Act the gramm-leach-bliley Privacy Act includes provisions to protect consumers personal financial information that's held by financial institutions such as a dealership that's offering any type of financing so these regulations you know they apply not only to banks but any any financial any financial company such as a motor vehicle dealer so among these services are going to be covered are going to be landing or brokering loans or servicing any type of consumer loans so you need to be aware of this there are basically three parts to the gramm-leach-bliley Privacy Act requirements the financial Privacy Rule the safeguards rule and the pretexting provisions okay now I want you to be aware the financial Privacy Rule governs the collection and disclosure of customers personal financial information by the dealer the financial privacy rule requires dealers to give their customers privacy notices that explain what that dealer is going to do with the information that is shared and collective and in turn customers have the right to limit some of that information it also contains the safeguards rule the safeguards rule requires financial institutions such as a dealer to have a security plan to protect the confidentiality and the integrity of the personal consumers information you must be able to protect the consumer information whether stored you know on hard paper or maybe you know on a computer hard paper files must be stored in some type of lockable paper storage system and any computer that's used by the dealer during say for example a loan application process would need to have some type of good antivirus protection like you know McAfee or Norton so with this law you know no matter what we want to protect not only the hard paper copies of all of the customers financial documents but we need to protect their digital footprint as well the pretexting division provision excuse me of the gramm-leach-bliley Privacy Act you know uses a prohibits use of false pretences and in fraudulent statements in actually gaining access to a customer's financial information the privacy notice of this must also be clear in an accurate statement of what your dealership is going to do with the customers information so you know a privacy statement we need to include any information you collect who it's going to be distributed to and also you know who how it is going to be stored so do keep that in mind that you do have to hav something in writing this shows how you will disseminate information that's collected so everyone in a nutshell this is pretty much a common sense law the gramm-leach-bliley Privacy Act requires you to protect your customers financial privacy so as an example let's just say for example you've printed up a customer's loan application and you the loan application sitting on your desk and then the very next customer comes in and they see that loan application from the previous customer you have broken a federal law so you want to make sure and secure all customers financial information if you print up a loan application for your customer let's get that thing into a locked file cabinet you don't want to floating around to where you know a customer or especially another custom salesperson or something like that could see that but also make sure if you're using some computer during an online loan application that computer has to have some type of active antivirus protection like I said earlier McAfee or Norton because this law also wants to hopefully ensure that a hacker can't come across the internet and get onto your computer and steal all of your customers financial information so we're going to protect the hard paper copy of all of our financials for our customers and we're going to protect their digital footprint as well so be sure that you're covering these guidelines now I want to talk a little bit more about Ohio dealer repossessions before we move on though you know if I could make one recommendation for you during this training course I would never recommend getting your dealers license for the very first time and then starting a big buy here pay here dealership the next week I would recommend getting your dealers license you might possibly want to hook up with a third party financier to finance the vehicles you've sold get a little bit of experience under your belt and once you have done that then you might want to explore opening up buy here pay here dealership if you are financing your own vehicles it is imperative that you get some further legal advice after this course because running a buy here pay here dealership involves a whole other level of compliance if you're financing the vehicles that are being sold on your life you must clarify in writing when the customer has defaulted on their payments to you you know your written contract may state the customers default of the loan if their payment is 15 days past or 30 days past due or 60 days past - these are just some examples so you want to be sure that you consult with an attorney when writing your default guidelines on that installment contract some dealers give customers a grace period to catch up on late payments to prevent repossessions as some don't but I don't want to discourage you from running a buy here pay here dealership in the future because running a buy here pay here dealership can be extremely profitable you know if you have 40 or 50 customers all making their payments on time every single month you know you can see a very large cash flow into your dealership but that being said you know it is very rare when all of your customers are making their payments on time so there may be times when you're gonna have to repossess a vehicle and if you are repossessing a vehicle the state has very strict guidelines to follow when you're repossessing a vehicle during a repossession a dealer is not allowed to do anything that is likely to lead to violence the dealer may also not provoke a customer during a repossession or incite the customer to break the peace okay if a dealer breaks the peace the customer can ask the dealer to leave and stop trying to reap s repossess the vehicle if the dealer refuses then the customer can actually contact law enforcement and have that law enforcement officer come out and keep the peace okay so you must never use or threaten force during a repossessor you are generally not required to contact the customer before the repossession unless it is specifically required in your installment contract you know you might consider hiring a professional recovery company if you do ever do a real vehicle repossession but it is crucial that you consult with an Ohio motor vehicle attorney before you start any buy here pay here dealership so you know I also want you to be aware you know if you do consider becoming a buy here pay here dealership you are basically allowing a customer to get along for a vehicle when a bank has possibly closed the door on that customer you know so you are providing that customer an opportunity to own a vehicle and you're probably going to help them keep their job and you're helping them support their family and you're helping them have a much higher quality of life my offering financing to them when the bank has closed the door on them so definitely this is definitely you might something you might consider in the future and it can be a great advantage to any customer it can be very profitable but like I said I would never recommend getting your dealers license for the first time starting to buy here pay here dealership next week I would recommend get your dealers license hook up with a third party financier get some experience and buy here pay here something you might want to consider later on but like I said it is crucial that you can salt with an Ohio motor vehicle attorney who specializes in motor vehicles before starting a buy here pay here dealership okay hey let's do our unit six review in unit six we have learned that all installment contracts must be in writing Ohio dealers must comply with all oh hi oh financing laws Ohio dealers must also comply with all federal financing laws that come out of Washington remember copies of all finance documents must be given to the customer so you're always gonna make two copies of everything one goes to the dealer records one goes to the customers dealers obviously may never give out social security information the truth-in-lending Act requires all finance terms to be in writing when there is the financing involved the Equal Credit Opportunity Act ensures all consumers are given an equal chance to obtain credit credited applicants that have been denied equal lending opportunities under the Equal Credit Opportunity Act can be rewarded $500,000 from your dealership remember we talked about that the gramm-leach-bliley Privacy Act protects a person's financial privacy and all dealers must follow strict Ohio repossession guidelines remember we would never break the peace during a repossession so if you need to take a look at this unit again perhaps you want to fast forward to find specific and from you can visit Ohio dealer.com remember Ohio dealer.com and click on that course videos link at the very top and you'll be able to review all the videos in this training course it's your convenience
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