Dealertrack

Make sure you are meeting adverse action notice requirements.

Dealers are required to send consumers an adverse action notice in all of the following scenarios:

When you take a customer’s credit application but do not send it to a financial institution (typically because the customer does not have good credit).
When every lender turns the customer down, or you can’t get financing.
When you unwind a spot deal. In this case, hand the customer the adverse action notice when they come back to the dealership to sign a new contract.

Most lender notices do not contain dealer information, so make sure you’re prepared to send your customers adverse action notices when required.

Don’t put your dealership at risk! Register for a Compliance demo today.

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Are you sendingAdverse Action Notices?