Looking for help for repo info in Arkansas and Oklohoma. Is there anyone who can help wth legal questions on repo in those States?

Autospecialtiesinc.com just added the widget to the website for Auto Specialties of Canton, Inc. It works great with Keith Whann’s videos from You Tube.

Good Morning!

Keith, I am interested in forming a related finance company and have been told you worked with the IRS and developed a checklist for forming one.  Did you create such a list and where can I get a copy?

Yes, I did work with the IRS on such a list; it is the criteria an RFC must meet to be treated as a separate, valid business entity.  The complete information is contained in the IRS Retail Industry Audit Technique Guide beginning on page 3-75 and can be found here on Auttr.com, but here is a summary:

1. The RFC should be a separate, legal entity.

2. The RFC should meet all licensing requirements of the jurisdictions in which it operates.

3. A major factor is that the RFC should be adequately capitalized in order to pay for the contracts. Read the rest of this entry →

In response to the dealer who asked: We would like to include a disclosure on our Purchase Agreement about our dealership receiving finance reserve.  Our state does not have any mandatory language for the disclosure, can you help?

Try something similar to this: “Dealer Assisted Financing:  If we assist  you to obtain financing for this transaction, we may receive a fee, commission or other compensation from the lender.”

Keith,

Thank you for your time today in meeting with the group from GMAC. I agree that this program they are bringing to the table should be a big help to all the independent dealers and I am very pleased that they have selected Ohio as the first state in which to introduce this program. I feel certain that with your help and influence this program will be a huge success and I for one don’t mind being a part of this program as long as you are leading the way.

March 25, 2010

COLUMBUS, Ohio — Huntington Bank, one of the highest volume auto lenders in Ohio, is apparently spreading the word that new-vehicle sales declines from last year are boosting trade-in values, which can ultimately lead to better financing terms for consumers

Nick Stanutz, senior executive vice president, auto finance and dealer services group executive for Huntington Bank, shared an example of what could happen with a $2,000 difference in trade-in value.  Stanutz assumed a vehicle that likely would have brought $10,000 in value last year probably would fetch $12,000 now because of tight used-vehicle volumes. Pushing that $12,000 trade-in value into a contract for a $25,000 model at an interest rate of 5 percent, Stanutz determined the monthly payment would be $246. Read the rest of this entry →

Jim: In follow up to the OIADA member question from earlier today regarding what language goes into a Notice to Co-Signer Form, here’s the answer:
NOTICE TO CO-SIGNER

You are being asked to guarantee this debt. Think carefully before you do. If the borrower doesn’t pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility.

You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount.

The creditor can collect this debt from you without first trying to collect from the borrower.

The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become a part of your credit record.

This notice is not the contract that makes you liable for the debt.

On Friday, November 20, 2009 Keith Whann presents The Car Counselor’s T.A.R.P. “Together Automotive Retailing Prospers” to a crowd of Dealers and Lenders. This event, hosted by Mannheim’s Philadelphia Auto Auction was not only informative but enabled Dealers and Lenders alike to establish new relationships. Another highlight of the day was Howard Polirer of AutoTrader.com joining Keith to present KEYS TO ONLINE ADVERTISING SUCCESS. A big Thank You! to MPAA’s General Manager Charlie Pollina and staff, to Mike Linn and Georgia Brown of NIADA, and to Joe Pesce and Christina Shrank of NAC (NIADA’s CPO program partner) for making the day a success. And finally a thank you to AUTTR.com for hosting the program live on Auttr TV.

Visit WhannTarp.com for info on upcoming ‘The Car Counselor’s T.A.R.P. Programs.”