F&I and Showroom, March 2020

LETTERS www fi magazine com 4 F I and Showroom Group Publisher and Editorial Director David Gesualdo 727 947 4027 david gesualdo@ bobit com Associate Publisher and Managing Editor Kate Spatafora 631 561 7586 kate spatafora@ bobit com Art Director Denise Baker National Sales Manager Eric Gesualdo 727 612 8826 egesualdo@ mgigusa com Great Lakes Sales Manager Robert Brown Jr 248 601 2005 robert brown@ bobit com Senior Operations Director Brian Peach 310 533 2496 brian peach@ bobit com Assistant Production Manager Heidi Dimaya 310 533 2542 heidi dimaya@ bobit com Associate Director Marketing Manager Kristine Wyatt Bobit Business Media 3520 Challenger St Torrance CA 90503 Fax 310 533 2503 Corporate Officers President Sherb Brown Chief Financial Officer Tony Shepherd Chief Digital Officer Eric Bearly Chief Marketing Officer Paul Andrews Change Service Requested Return Address Bobit Business Media PO Box 2703 Torrance CA 90509 Subscription Inquiries 888 239 2455 BobitPubs@ Halldata com Printed in U S A IS SALES PUNCHING A CRIME TO THE EDITOR In response to your article January 2020 the biggest issue I had with the practice was disclosure Often times when a new car is sold that was punched 6 months ago the customer is not aware of the in service date If I punch six cars into demo service and dont use them as demos they are sold as new cars with possible single digit odometer readings Then 3 years later the customer is trying to get something repaired under warranty but it expired 6 months ago With massive dealer turnover too much gets lost in disclosure just my 2 cents Alicia 3 F I GOTCHAS YOU NEED TO AVOID TO RYAN In response to your article January 2020 at the end of the day if you are quoting a payment range as long as you are quoting all the other information term rate finance amount its not an issue If you are quoting a range and letting the customer know that the payment includes a product or two that is packing In general as John has stated its risky either way because we will always lose in court The easiest way that we quote payments is on a store average rate that we use for every customer We dont show different rates and always tell the customer that we cannot give a final payment until we have their credit application and an approval from the bank Jerry March 2020 I need more information but with what you offer the answer is yes Quoting a payment range is a bad idea Any time a payment is quoted it must calculate based on TILA disclosure APR Finance Charge Amount Financed and Total amount of payments An industry best practice is that a payment should calculate from the sales desk within 5 of the actual final calculation based on the above criteria You could quote a payment with product included if a base payment without product is disclosed first In the payment with product the costs and terms of the products included in the payment along with any additional taxes and fees should also be disclosed John GETTYIMAGES COM VI73777 GETTYIMAGES COM JOHNNYMAD