Along with collections, the other hottest topic to face the auto industry is COMPLIANCE. Practically not a day goes by that we don't read, hear or see something on the issues of COMPLIANCE. Most recently the Georgia Independent Auto Dealers Association (GIADA) place an ALERT on their web site stating that "Professional Licensing Division Used Car Board inspectors are out in full force randomly auditing independent auto dealer's customer files and records...looking at all aspects of the dealers business practices regarding state and federal compliance...””
With fines ranging $250 per vehicle for not posting the buyers guide to $1000 for not transferring titles within 30 days, non-compliance can be an extremely costly, if not devastating issue.
LIMS TO THE RESCUE!
LIMS, the only system built from the ground up to focus on collections, (thus your profitability) was also designed to help you with your compliance requirements.
Titles: LIMS provides user definable title process controls and reports to help maintain your compliance requirements and manage your processes.
APR disclosure, Finance Disclosure and Usurious compliance validations and variance letters which are especially helpful to not only those that originate notes, but even more for those finance organizations which purchase single/bulk, originated or seasoned loans, which includes your RFC.
Buy/Sell letters to the customer, purchase agreements maintaining the compliance requirements of "business separation", an extremely important consideration as stated in Emily Marlow Beck's article in the April 2007 Issue of World of Special Finance.(http://www.seatip.com/lims/Articles/Related.jpg).
Non-Public Information Notices along with management tools to insure these processes are being managed correctly.
Late Fees and Late Days defaults established making sure you are always compliant
Repossession and Bankruptcy controls
...AND MUCH, MUCH, MORE!
LET LIMS HELP YOU IN YOUR COMPLIANCE NEEDS.
Don't wait till it is too late and expensive to find out about your compliance issues.
ORDER LIMS TODAY
and not only increase your profitability but reduce your expense of costly compliance failures.
Powerful, easy, efficient, complete and affordable,
LIMS is your answer to a more thorough control of your financial status, and future.
