The Farmington Hills online auto finance aggregator RouteOne announced Thursday that it now offers dealers a free risk-based pricing note tool to assist in compliance with the risk-based pricing rule issued jointly by the Board of Governors of the Federal Reserve System and the Federal Trade Commission.
Risk-based pricing rules generally require a creditor — in most cases this term includes auto dealers — to provide a risk-based pricing notice to a consumer when the creditor uses a consumer report to grant or extend credit to the consumer on material terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers from or through that creditor (dealer) in connection with credit that is primarily for personal, household or family purposes.
The risk-based pricing rules take effect Jan. 1.
RouteOne will exercise the credit score disclosure exception to the risk-based pricing notice requirement, which provides the dealer the ability to print a Credit Score Disclosure Notice for all of the dealers’ consumers that request credit from the dealer.
Mike Jurecki, RouteOne CEO, said the system “requires very little additional effort” on the part of dealers when processing a deal.
“Using our solution, dealers can quickly and easily process a risk-based pricing notice for every customer and stay in full compliance at no cost,” Murecki said.
RouteOne is hosting free Webinars at 1 p.m. Eastern time on Dec. 14 and 28 devoted to understanding the Risk-Based Pricing Rule. Dealers may register now at www.routeonecompliance.com. Dealers may contact RouteOne Sales Support at (866) 933-0663 or firstname.lastname@example.org for additional information.
RouteOne was formed in 2002 by Ally Financial (formerly General Motors Acceptance Corp.), Chrysler Financial, Ford Motor Credit Co. and Toyota Financial Services to create a more streamlined credit application for automobile dealers and their customers. Providing access to more than 21,500 dealers in North America, RouteOne’s web-based system allows automotive dealers to submit credit applications to the largest indirect lenders, request credit reports, and increase profitability with RouteOne’s free Dealer Reporting Suite.
More at www.routeone.com.
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