Do's and Don’ts of Lease Buyouts

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Recently, dealers have been accused of charging customers extra fees when they buy out their leases. There have been several high-profile news stories that aired on WCBS-TV about this issue. In addition, legislators and regulators have heard from constituents and are now amping up investigations. 

You need to have proper end of lease processing practices in place and ensure your staff is adequately trained to handle these deals to avoid putting the Dealership in the cross hairs of the Attorney General and other consumer agencies.

Franchise dealer experts Russ McRory, Esq., Arent Fox Schiff, Charles Gallaer, Esq., Arent Fox Schiff, and Doug Clark, Esq., Shenker Russo & Clark will discuss the legal issues surrounding lease buyouts and how to avoid the high cost of processing them incorrectly. 
  
Agenda Topics Include:

  • Customer options at end of lease

  • Dealer financing lease buyouts

  • Properly titling a lease buyout

  • Proposed legislation banning lease-end fees

  • Regulatory scrutiny on dealers

New Topic Added: 

  • Illinois Dealership will pay $10,000,000 settlement to the FTC for allegedly making unauthorized charges for voluntary protection products(VPP) and discrimination.

    • We will discuss actions dealers must take to promote compliance with the selection, sale, and administration of VPPs that are offered to consumers.

Presenters:

  • Douglas S. Clark, Esq., Shenker Russo Clark

  • Charles Gallaer, Esq., ArentFox Schiff

  • Russell P. McRory, Esq., ArentFox Schiff

Moderator:

  • Susan J. Bieber, Esq. Vice President Dealer Services, GNYADA