Ohio law requires all retail installment contracts to be in writing. If you are using a third party lender, be sure the paper work that is being printed during the loan application is compliant with all Ohio laws in addition to all Federal laws. If you are operating a buy here pay here dealership be sure the documents completed by your attorney for you to use on every transaction are compliant with all Ohio and Federal finance laws.
Ohio laws require the customer is given copies of all finance documents and will normally be asked to sign a document stating they have received copies of the documents.
Federal Dealer Finance Laws
Strict federal dealer finance laws must be followed at at all times or you could face up to $500,000 in fines.
If you offer some type of financing in your Ohio
dealership, you will be required to follow several State
and Federal financing guidelines. When you leave class
you will be aware of these laws so you can stay