The old buy-here, pay-here saying says, "If the car stops running, the customer stops paying." But keeping the car running proves harder than it sounds.
The common method is for dealers to finance a repair if a customer has a problem. Very few do this properly, however, said attorney Tom Hudson.
The first mistake comes in the contract's structure, Hudson told attendees at the recent National Alliance of Buy-Here, Pay-Here Dealers conference.
Any contract that requires four or more payments falls under the federal Truth in Lending Act.
Even those done in three or fewer
View the original article here
Turn your Auto Notes into cash
No comments:
Post a Comment