DAYTON, Ohio, July 12, 2016 /PRNewswire/ -- The Reynolds and Reynolds Company today announced the release of the Reynolds LAW® Michigan F&I Library, which is a comprehensive catalog of standardized, legally reviewed finance and insurance (F&I) documents for franchised new-vehicle dealerships in the state of Michigan. The Reynolds LAW Michigan F&I Library, which was jointly developed by Reynolds Document Services and the Michigan Automobile Dealers Association (MADA), carries both paper-based and electronic formats of the forms.
"We anticipate that, as 2016 progresses, dealerships will continue to be challenged by increased regulatory demands as well as by consumers who are looking for a more rewarding retail experience when buying a car," said Jerry Kirwan, senior vice president and general manager of Reynolds Document Services. "The LAW Michigan F&I Library is one more example of the tools that Reynolds can provide dealers to help them respond to these business challenges directly and help them prepare for the coming age of electronic transactions."
The documents in the LAW Michigan F&I Library are regularly reviewed for compliance with the latest automotive regulations. Reynolds' industry-leading forms specialists lead the review, in conjunction with Reynolds' outside legal partners and representatives from MADA.
Kirwan noted that the documents in the LAW Michigan F&I Library are written in consumer-friendly language, which helps create a more transparent and understandable F&I process and improve the customer experience. In addition, by using standardized forms from the F&I Library, dealerships can achieve a more consistent and effective F&I process in every transaction.
In addition, the LAW Michigan F&I library also can help facilitate the conversion to laser-printed transactions or e-contracting, since the documents are available in both paper-based and electronic formats. Reynolds Document Services maintains licensing agreements with all major providers of electronic F&I (e-F&I) solutions.
The Michigan Automobile Dealers Association (MADA) is a statewide non-profit trade association that represents the unique interests of the more than 650 franchised new-vehicle dealerships in the state. Founded in 1921, the East Lansing-based association works to protect dealers from unfair regulations and legislation on both the state and national levels. MADA is the dealer's partner in business working to improve the ethics and general welfare of the retail automobile industry in Michigan. (www.michiganada.org)
About Reynolds LAW Brand Documents
Reynolds' LAW brand is well established as one of the most trusted brands in the automotive industry. LAW documents are available in all 50 states and Washington, D.C., and have been endorsed by a number of state automobile dealers associations and leading automotive finance institutions.
The flagship product of the LAW brand is the Reynolds LAW® 553 Universal Retail Sale Contract, the most widely accepted document in auto finance. The Reynolds LAW 553 is available in a variety of languages and is regularly reviewed by industry experts to help keep pace with new legislative and regulatory developments.
Reynolds and Reynolds was founded in 1866 as a business forms printer. Since the 1920s, Reynolds has been known as the leader in serving automobile dealerships nationwide with standard and custom business and vehicle sales and service documents to help dealers manage their operations more efficiently and serve their customers more effectively.
Reynolds and Reynolds is a leading provider of automobile dealership software, services, and forms to help dealerships deliver better business results and transform the customer experience. (www.reyrey.com).
SOURCE The Reynolds and Reynolds Company