Pub. 1 Issue 1

16 VIRGINIA AUTO DEALER www.virginiadealers.com Check here for the full documentation and presentation. We understand from our Congressman that the DoD has rescinded the problem position on GAP. We can now sell it to service members and their dependents. Fact – DoD has done something, but the result has not yet been released. We sold a vehicle to an active duty servicemember. We could not get the financing approved. We have rescinded the deal under the spot delivery statute, but the customer will not bring the car back. Be- cause of the Servicemembers’ Civil Relief Act we cannot repossess the vehicle. Fact – In fact, if the person was an active duty servicemember when you sold the vehicle on a retail installment sale contract, you may repos- sess it if you have the right to do so under law. President Trump signed the Congressional Review Act disapproval of the CFPB’s memorandum on dealer reserve. We do not have to be concerned any longer about differences in reserve by type of customers. Fact – This may no longer be a CFPB issue, but the federal Department of Justice, state attor- ney general and private attorneys can still enforce the ECOA. It is much safer to require wire transfers than checks on DX transactions and out of state deals. The money is there immediately and we don’t have to worry about checks bouncing. Fact – Email wire transfer instructions make you more susceptible to hacking that can be extremely expensive for your dealership. Our reimbursement rate for warranty labor and parts is not retail, but it is difficult to change and may not be worth the trouble of seeking retail reim- bursement. Fact – The Virginia statute establishes guidelines for seeking retail reimbursement, and a warranty uplift can be quite remunerative for the dealership. Fighting factory chargebacks is time consuming and expensive. It is generally not worth it. Fact – There are several opportunities to fight factory chargebacks, and you can make prog- ress at each step. MYTH #7 MYTH #8 MYTH #9 Because of Trump administration deregulation, we can be less concerned about all regulatory burdens on our dealership. Fact – That may be true for certain agencies. However, given the administration emphasis on prevention of illegal immigration, expect increased I-9 audits. I MYTH #10 MYTH #11 MYTH #12 MYTH #13

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