Your Daily Operations Magazine
Search Close Menu

Dealer Ops

Understanding Vehicle Finance

Interested in a helpful training aid that you could use to educate your dealership personnel (and, quite likely, yourself) about one of the basic things you do for a living – selling and financing cars?

Would you be interested in having a booklet you could give to every customer that accurately and in detail explains the basics of buying a car on credit in language pitched at about the tenth grade level?

How about a booklet you could take to the local high school and hand out to whoever teaches “personal finance” or “life skills” (or whatever they are calling the course these days) for distribution to seniors, with your dealership’s name and address stamped on it?

Would you be impressed if you knew that the booklet had been prepared by the National Automobile Dealers Association and the American Financial Services Association at a cost (I’m guessing) of many, many thousands of dollars?

Would you be even more impressed if you knew that the booklet had been reviewed by the Federal Trade Commission, and had that agency’s stamp of approval on it?

How about if the booklet were available in Spanish as well as English?

Finally, the icing on the cake – what if this little gem were free? That’s “free” as in “doesn’t cost anything,” as in ziperoo.

Well, all of the above is true. The name of the booklet is “Understanding Vehicle Finance.” For a copy, Click Here. I’ve read through it, and I see nothing that would prohibit you from downloading it and printing it (I believe that NADA and AFSA intend for it to be downloaded and used by the general public, but if you want to be safe on this point, you might want to call them). It’s not often that you get something this good, and this useful, free for nothing (OK, so you have to print it – quit your griping).

If I were a dealer, I’d be all over this one. I’d have copies spread around my dealership (again, with the dealership’s name emblazoned on them), I’d give copies to each customer who bought and financed a car from my dealership, I’d provide them to the local high school (emphasizing that the FTC has approved them), send them to newspaper and TV reporters who cover consumer matters, my state legislative representatives and consumer protection agencies. I’d basically paper the town with the things.

If you agree and decide to do this, I will bet that your dealership will begin to get a reputation (if it doesn’t have one already) as a progressive and consumer-friendly place of business – not a bad reputation to have. And if you are ever sued by some plaintiff’s lawyer who claims that you tried to pull the wool over his client’s eyes about the basics of auto sales and finance, you will end up with a very strong retort for the charge.

Remember, you heard it here.

Vol 2, Issue 11



Remarketing by Element Joins NIADA Network

NIADA members stand to gain a number of benefits from the association’s new partnership with...

Remarketing by Element has joined the NIADA’s network of National Member Benefit partners and will offer prime lane placement, among other benefits, to the dealer association’s members.


Trump Wins China Auto Tariff Standoff

Vehicles exported to China from BMW’s Spartanburg, S.C., plant and other U.S. factories will no...

China has agreed to reduce import taxes on U.S.-built vehicles from 40% to 15% for the duration of a 90-day countdown to a new trade deal between the world’s two largest economies.


Used-Car Prices Fall 2.5% in November

Black Book reports prices for pre-owned compacts such as the Kia Forte fell by 3.3% in November,...

Black Book’s final depreciation report of 2018 finds prices for used cars and trucks decreased by 2.7% and 2.3%, respectively, with declines among compacts, minivans, and full-size utilities setting the pace.


Cox: Dealer Pessimism Grows With New Threats

Cox: Dealer Pessimism Grows With New Threats

Cox Automotive’s latest Dealer Sentiment Index finds a ‘notable negative turn’ among U.S. dealers, the majority of whom took a dim view of the fourth-quarter market and their 2019 prospects.

Dealer Job Finder

See more


Number of EVs to Double by 2021

U.S. electric-vehicle sales forecasted by the Edison Electric Institute would require the...

The number of electric vehicles on U.S. roads will double in the next three years, according to a new report from the Edison Electric Institute.