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To further clarify I use DealerCenter and Westlake is the main bank we work with. I am allowed to adjust rates within a set perimeter. For example, a customer's buy rate is 11.3%. I can lower it but when I do the bank charges a lot more in the lender fees.So I was wondering if I have a customer that wants to have their rate below 10% I can but won't do it because the lender fee goes from $400 to $1,100. The only way I'd be ok doing it is if they purchase a warranty with the finance because the banks will give me about $6-700.Now I know before I opened this dealership that I saw a video (short skit) on it and that the main message was illegal for a dealership to inform a customer that they can get a lower rate if they get warranty or some other added service. But when I was reading I can't get a car cut answer and saw that under the Truth in Lending Act it should be ok as long as I am completely transparent and the customer is ok with it.But it wasn't 100% accurate so I wanted to ask if anyone could provide some insight.
To further clarify I use DealerCenter and Westlake is the main bank we work with. I am allowed to adjust rates within a set perimeter. For example, a customer's buy rate is 11.3%. I can lower it but when I do the bank charges a lot more in the lender fees.
So I was wondering if I have a customer that wants to have their rate below 10% I can but won't do it because the lender fee goes from $400 to $1,100. The only way I'd be ok doing it is if they purchase a warranty with the finance because the banks will give me about $6-700.
Now I know before I opened this dealership that I saw a video (short skit) on it and that the main message was illegal for a dealership to inform a customer that they can get a lower rate if they get warranty or some other added service. But when I was reading I can't get a car cut answer and saw that under the Truth in Lending Act it should be ok as long as I am completely transparent and the customer is ok with it.
But it wasn't 100% accurate so I wanted to ask if anyone could provide some insight.
