Risk Based Pricing Mandatory Jan. 1, 2011

We’ve got you covered with an easy to use –automated solution!

Effective January 1, 2011 the FTC will enforce the Risk Based Pricing Rule. This rule affects any motor vehicle dealership that pulls a credit report on consumers.  Following the NADA and NIADA recommendations our solution uses the Exception Notice option. When you use ProMax Unlimited or ProCredit Express software solutions to pull your credit reports a Risk Based Pricing Exception Notice can easily be printed for presentation to your customers.  This notice must be presented to every customer who had a credit report pulled by your dealership. To learn more about Risk Based Pricing and our compliance solution click here to see our video fully explaining this new compliance regulation. Questions? Check out our Risk Based Pricing FAQ page.

The following is an example of our Risk Based Pricing Exception Notice:

To learn more about this new regulation we encourage you to visit  www.ftc.gov/os/2009/12/R411009riskbasedpricingfrn.pdf to access the 202 page government document, and view the NADA summary of the rule at www.nada.org/.../RBPNFinalRuleSummaryWebJAN2010.pdf .

If you have any questions please contact Mark Vermeulen at 888-304-4162 or markvermeulen@promaxunlimited.com.