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The courtroom is no place...


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The courtroom is no place...

  1. 1. The Courtroom Is No Place To Lose Your Time Or Money… Brought to you by Merchants Insurance Group United Dealer Services Sandy Cerami’s Applied Selling Dynamics, LLC© Copyright 2012 & 2013. All rights reserved. Cannot be duplicated, re-printed, re-distributed or copied in any way without expressedwritten consent and licensing authorization by Applied Selling Dynamics, LLC.
  2. 2. Merchants Insurance – United Dealer Services – Applied Selling Dynamics
  3. 3. Our Special Guest…Jim Radogna!
  5. 5. Incomplete ormissing FTC UsedVehicle WarrantyForms…UP TO$16,000 FINE PEROCCURRENCE!
  7. 7. A Compliant MenuDo make sure that the menu you use enhances compliance. A properly constructed menumust do some specific things to help protect your dealership.Do show the monthly payment for the vehicle alone to show that the customer understoodthe monthly payment without additional products and services.Do show the a la carte price of each product in addition to package prices to avoid a claimthat the customer purchased a package unaware that products could be bought individually.Many dealerships use menus offering packages of products and services. This can be avaluable sales tool to make a presentation about the benefits of packages to customers. Theproblem is that somewhere on the menu the customer must be aware of the pricing of eachproduct or service on an a la carte basis. The dealership does not want to face a claim from acustomer that he or she purchased GAP and road hazard coverage along with the extendedservice contract because that was the only way the customer thought the service contractwas available.Do get the menu signed and the choices initialed. When choices are initialed and the menu issigned, there is clear evidence that the customer saw the menu and made his or her ownchoices of products and services to buy.Do disclose prominently in the menu that purchases of additional products and services arenot required for finance approval. If they are required, then they must be a part of the APRcalculation; if they are not required and they are adequately disclosed, they can be soldwithout impact on the APR.
  8. 8. Vehicle History Reports (VHR) Exposure Solution Missing/Unsigned VHR’S! Commit to a 3-Step Process A total of 65.3% of dealerships 1. Run/Print/Post a VHR on every used retail unit prior to lacked a comprehensive VHR displaying for retail sale. documentation and reporting 2. Provide for customer review process which includes a and signedcustomer signed and filed copy of acknowledgement a VHR on every used retail 3. Maintain original with delivery signature in the deal jacket
  9. 9. TILA – Truth In Lending Act “We will pay off your loan balance regardless of how much you owe on it!”
  10. 10. How does the FTC operate?
  11. 11. TILA – Truth in Lending Act
  12. 12. Got a question…Sandy CeramiApplied Selling Dynamics, LLC79 N. Franklin TurnpikeSuite 101Ramsey, NJ