Comments on: NC Operation Requests Permission Before Releasing Payoff Amounts

By: Tisa J. Wood

Tisa J. Wood — Fri, 23 May 2014 00:19:17 +0000

It is protection
Hello everyone! I understand there are a few who believe we implemented this policy to hold on to the customer. This could not be farther from the truth. We don't even discuss with the customer the reason for trading. Although this may be a practice some may consider since there should not be an issue with finding out why a customer may not be happy with their vehicle from your dealership. As a matter of fact isn't that the number one rule in customer service? Shouldn't we all strive to find our what makes and what doesn't make customers happy? However, we are not using this as a tactic we are simply concientous of our customer's privacy. The methodology is that when most dealerships ask for a payoff they also ask for a per diem. The per diem is directly tied to their interest rate which is quite often tied to credit history. There are too many factors regarding privacy to disclose information to people who are not party to that contract. It is unfortunate that some find this process so annoying when it adds about 10 more minutes to making a deal. Aren't most customers in your office for hours at a time anyway? Use the extra time to dazzle them with your personality just as much as we use the extra time to protect them.

By: mike

mike — Wed, 21 May 2014 15:38:29 +0000

Nonsense
I don't believe for a minute that it has anything to do with CFPB. It's obviously an attempt to get an hour or two ahead of the competitor to keep the customer on the books in that car or another one.

By: Romeg

Romeg — Wed, 21 May 2014 12:52:18 +0000

Written or electronic request for release of Pay Off balance
It seems that, given the aggressive hostility toward the finance industry displayed by the current administration and the fact that the CFPB is funded by what it can 'harvest' in the way of fines and fees, this is a sound defensive move by this dealership and its RFC. The payoff amount is, after all, part of the confidential financial records that this entity has on its customers and the ever-growing regulatory environment is a minefield that must be navigated with an abundance of caution. One can never be too careful. Ultimately, Eventually, ALL lenders will adopt this practice or will seek either legislative relief or an administrative ruling that would shield them from civil or criminal penalties for the disclosure of the payoff information.