Good Morning,

With the recent focus on “Adverse Action”, turn down or credit denial letters I agree with Jim Mitchell, we need some clarification. We have been educating our dealers including our BHPH dealers to follow these steps.
1. A credit application is completed.
2. The customer is turned down by a lender or the dealer.
3. The customer is offered different terms other than those initially applied for i.e. rates, money down, terms and does not accept the counteroffer.
4. Send an Adverse Action Letter.
These steps apply to phone and internet applications as well.

Are we omitting anything or are we over complicating it?

Thank you Jim for keeping us well informed.

Are there any regulations governing the amount of cash a dealer can refund to the customer if the check presented is more than the purchase price? Example: BHPH dealer cashes checks as a normal part of business. Customer purchases a car for $12,000 but presents a company check for $20,000. The check is good; the company is legitimate.

The Milby Group congratulates Monica Mullins of USA Motorcars in Cleveland, Ohio. Monica is the winner of the Free F&I Training Class drawing at Columbus Fair Auto Auction during the TARP Program.