Liability of Auto Lenders for Actions of Dealers
Live Webinar, Next Tuesday
May 24, 2022
10:00 PDT | 11:00 MDT
12:00 CDT | 1:00 EDT
Automobile lending is a major part of most consumer lending institutions’ business. It allows a financial institution to provide a valuable service to its members and customers, while earning revenue. But it also carries significant risks!
No one suggests you should stop auto lending because of those risks, but by understanding the applicable laws and taking appropriate precautions your financial institution can minimize its potential for loss.
Eric North has been involved in auto lending for more than four decades; initially as a lender, a purchaser of sales finance contracts, a dealership finance manager, and an attorney for new and used car dealerships, but primarily as an attorney for consumer financial institutions. During this program, Eric will talk with participants about—
• Things dealers do that can cause liability for lenders.
• When your financial institution is, and isn’t, liable for things an auto dealer does wrong.
• How the type of transaction can affect your financial institution’s potential liability.
• How the details of the relationship between your financial institution and the dealer can affect your potential liability.
• Important language federal law requires in some auto loan agreements (language your agreements may not have!) and what that would mean in a courtroom.
• The vital role collectors play in preventing litigation.
• Steps your financial institution should take to limit your potential for loss.
This program is intended for loan officers, lending management, and collectors.
For more information, call NorthLegal at 623.537.7150.
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