DAYTON, Ohio, Sept. 21, 2016 /PRNewswire/ -- The Reynolds and Reynolds Company today announced that Reynolds Document Services has developed 30 state-specific Reynolds LAW® brand finance and insurance (F&I) documents libraries, surpassing the midway point to a goal of creating LAW F&I libraries for all 50 states.
The Reynolds LAW brand F&I libraries contain a comprehensive suite of standardized F&I documents developed to help meet the business needs of new vehicle retailers in the specific state.
"F&I paperwork can be exacting and demanding both for dealerships and for their customers," said Jerry Kirwan, senior vice president and general manager of Reynolds Document Services. "The F&I forms in use are often sourced from different vendors, may be outdated, or may have other inconsistencies – all of which can raise compliance risk for dealers and add confusion for dealership personnel and car buyers."
"With each state-specific F&I forms library, we've built a trusted resource for dealers to better manage all of the forms necessary to complete a deal; better meet federal, state, and city F&I paperwork requirements; and deliver a more consistent, rewarding experience to car buyers at the dealership."
Kirwan said each state-specific LAW forms library is designed to deliver the following for automotive retailers:
- Manage compliance risk – Reynolds' industry-leading forms specialists regularly review the documents in the LAW F&I Libraries for legal sufficiency with the latest automotive regulations. They work in conjunction with Reynolds' outside legal partners and, where applicable, state automobile dealer associations.
- Streamline F&I processes – By using the standardized vehicle deal documents in the LAW F&I Libraries, dealers can achieve a more consistent and effective F&I process in every transaction.
- Increase customer satisfaction – Documents in the LAW F&I Libraries are written in consumer-friendly language to help create a more transparent and understandable F&I process and improve the consumer experience with the dealership.
- Smooth the transition to electronic documents – The printed documents in the LAW F&I Libraries are also available in digital format, which helps facilitate the conversion to laser-printed transactions or e-contracting. Reynolds Document Services maintains licensing agreements with all major providers of electronic F&I (eF&I) solutions.
States available include: Alabama, Arizona, Arkansas, California, Colorado, Hawaii, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wyoming.
Kirwan concluded: "To surpass the midway point of creating an F&I forms library for every state is a testament to our team's document development knowledge and compliance expertise, as well as to the printing and fulfillment capabilities of our forms manufacturing operation. We look forward to the completion of this project nationwide and to the ongoing work of maintaining the F&I forms libraries. Our team will continue to regularly review and update the documents to incorporate dealer and OEM feedback and keep pace with current legislation and regulatory requirements."
About Reynolds LAW Brand Documents
The Reynolds LAW brand is well established as one of the most trusted brands in the automotive industry. LAW documents have been endorsed by a number of state automobile dealers associations and leading automotive finance institutions. LAW documents are available in all 50 states and Washington, D.C.
The flagship product of the LAW brand is the Reynolds LAW® 553 Universal Retail Installment Sale Contract, which is the most widely accepted document in auto finance. The Reynolds LAW 553 is regularly reviewed by industry experts to help keep pace with new legislative and regulatory developments. Dealers who use the LAW 553 find they can use one contract to finance dealers through multiple lending institutions.
About Reynolds Document Services
In 1866, Reynolds and Reynolds was founded 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 forms. Today, Reynolds Document Services carries on the company's 150-year forms legacy by delivering a wide range of printed and electronic business documents, branding services, and dealership supplies that help dealers brand their retail enterprise, manage compliance risk, and improve operational efficiencies.
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. The company is headquartered in Dayton, Ohio, with major operations in Houston and College Station, Texas, and Celina, Ohio.
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SOURCE The Reynolds and Reynolds Company