FARMINGTON HILLS, Mich., Dec. 9, 2010 /PRNewswire/ -- RouteOne announced today that it now offers dealers a complimentary Risk-Based Pricing Notice 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. The Risk-Based Pricing Rules generally require a creditor (in most cases this term includes 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 (APR) 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 January 1, 2011.
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.
"We are pleased to offer our dealers a solution that is not only complimentary to them, but also requires very little additional effort on their part when processing a deal," said Mike Jurecki, RouteOne CEO. "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."
RouteOne is hosting free webinars devoted to understanding the Risk-Based Pricing Rule. Dealers may register now at www.routeonecompliance.com. Webinar dates are as follows:
- December 14, 2010
- December 28, 2010
All webinars begin at 1:00 PM EST. 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, Chrysler Financial, Ford Motor Credit Company, 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. RouteOne's open integration business model also allows the dealer to integrate with their choice of a wide variety of best in class providers, including DSPs, CRM systems, F&I modules and menu providers. RouteOne offers dealers a common platform for all their credit application financing needs. More information is available at www.routeone.com.