When the FTC announced its CARS rules, FRIKINtech was glad to see that very little modification was needed to comply with the new level of transparency the FTC was pushing. But that didn’t stop us from taking things further!
We took the call as an opportunity to give customers a lot more while enticing them with an all-new call to action that should generate more quality leads. Our CEO, Alex Snyder, explains:
Within our payment display on our own VLP and the embedded display within a dealer’s website (WEBSITEiQ), we further exposed the following:
- Term
- Money Down
- Rate/Money Factor
- Total Amount Financed
- Whether the payment includes State taxes & fees
- Of course, the payment or cash price
- A clearer call to action (Change LOAN Payment, for example)
- A single click to see all the payment details
There is a clearer breakdown of the payment details than in most F&I offices. It also includes the bank program identifier for dealership management to recall later.
Many times, the payments shown within our products are lower than the floor rate because some banks continue to reduce rates throughout the month to compete with captive lenders.
We are also introducing a new call to action to get an out-the-door number. “How much with Taxes & Fees” refers to state taxes and fees as the FTC Rules require, including dealer and lender fees within the disclosed payment. They say governmental fees are not required to be disclosed up-front, so we will use this to entice consumers into becoming new leads.
FRIKINtech was founded by dealers, and those founders still lead the company. Our strong dealer background gives us our fighting spirit. Whenever we are handed lemons, we will make lemonade.
