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
When helping your customers gain financing you also
must follow the Federal Equal Credit Opportunity Act.
The Equal Credit Opportunity Act ensures that all
consumers are given an equal chance to obtain credit.
Factors such as income, expenses, debt, and credit
history are still taken into consideration when
approving or disapproving credit. Anyone involved in
granting credit, such as automobile dealers who arrange
financing through third party lenders, automobile
dealers offering buy here pay here
motor vehicle dealers acting as the lien holder of
financed motor vehicles must follow the Equal Credit
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
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
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Dealer finance laws are covered in dealer training!