Topic 3
Topic 3

Credit Applications, Credit Reports, and Contracts

This section provides an important overview of the key laws and regulations designed to protect consumers – and your dealership – during the credit application, reporting and contracting process. We recommend that you bookmark it!


Know the laws and regulations

Did you know?

If a customer purchases a vehicle with cash or cash equivalents in excess of $10,000, you must file IRS/FinCEN Form 8300 within 15 days.


Compliance Tip

A dealer should be prepared to show that the dealership made a good faith effort to finance a deal with multiple finance sources.

Watch List for 2021

The Uniform Electronic Transactions Act (UETA) was not adopted in Illinois, New York and Washington. Review these states’ laws for any additional requirements concerning the use of electronic signatures.

Topic 4

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Data Safeguards and Identity Theft Protection