New Reynolds Document Solutions Contract Covenant Tutorial
…will be required for AFIP certification
In any 30-day period, dealership financial services managers disclose and consummate hundreds of thousands of binding legal contracts between car buyers, vehicle finance and leasing sources, voluntary protection product providers and dealers. A process that requires the individuals charged with executing those agreements to have a basic understanding of the covenants – the terms and conditions – found on the front and back of the documents they’re asking customers to sign.
Slated for a second quarter launch, Reynolds Documents Solutions is developing an online interactive tutorial addressing the contractual provisions in generic installment finance and consumer lease agreements, vehicle service contracts, GAP, and tire and wheel agreements. The layman’s language explanations are provided by a former investigative prosecutor for the Florida Attorney General’s Office and popular industry speaker, Terry O’Loughlin, JD, MBA, Director of Compliance for Reynolds Document Solutions.
AFIP Certification candidates will be required to post a passing score on the contract covenant tutorial to earn their certification. The online program will also be available to Reynolds Document Solutions clients.
Tom Hudson, writing in the January 2020 issue of Spot Delivery, listed “Mistake #1” as “Not Knowing What Your Documents Say.” F&I practitioners with a working knowledge of the provisions on the front and back of the agreements are equipped to answer customer questions accurately. Plus, any promises made can be supported by the documents.
Knowledge closes sales – and also reduces PR claims, early cancellations and action taken by misinformed customers.
by Dave Robertson, MBA
From AFIP News, February 2020