Dealer Pricing Exceptions | RouteOne

Dealer Pricing Exceptions

Category

Compliance

Managing compliance and fair lending requirements can be a challenge. What guidelines does your dealership have in place?

In an effort to assist you in managing fair lending risk, RouteOne offers A Dealers Guide to the Dealer Risk Control Program.  An important feature of this program is the Dealer Pricing Exception Form.  RouteOne adopted the NADA version of the Dealer Rate Exception Form and RouteOne functionality, including:
  • Access through Deal Summary and Deal Manager/App Manager;
  • A user interface for dealer users to select and store good faith, competitive reasons for a downward deviation and to enter data required to support good faith, competitive reasons;
  • Pre-populated applicant, dealer, and vehicle details from the credit application;
  • The ability to support Individual, Individual with Co-App, Business, and Business with Co-App application types;
  • Support DSP import, Digital Retail credit applications, Finance Source import, and NRO applications; and
  • Printing of the form.

The Dealer Rate Exception Form allows your dealership to document the good faith, competitive reason for a downward deviation from your dealership’s standard markup rate, which may include:

  • Dealer participation limited by funding source
  • Competitive credit offer
  • Customer monthly payment constraint
  • Inventory reduction
  • Dealer promotional financing campaign
  • Manufacturer subvented rate program
  • Dealer employee and family program

Use care in applying this form! You should be able to provide the necessary documentation to substantiate the reason for the deviation.

If you have any questions on the Dealer Rate Exception Form, contact RouteOne Support at 866.768.8301, extension 4, or your RouteOne Business Development Manager.  Interested in learning more about the security threats dealers should watch for? Stay tuned for RouteOne’s next compliance webinar in September, or view any previous compliance webinar sessions by clicking here.