Regulators are focusing on car dealers like never before. Recently, in describing an enforcement action on a car dealer, the Director of the federal Consumer Financial Protection Bureau (CFPB) said, “Buying a car is often one of the most important purchases a consumer makes, so the experience needs to be fair and above-board." LexAlign helps dealers of all sizes meet their compliance obligations, by making it easy and affordable to obtain what you need: written Compliance Policies, Checklists and Consumer Notices, all tailored to your operations, as required by law.
Click on any title below to learn more about what makes LexAlign superior to other alternatives.
There are many companies that want to sell you the policies, notices, guides, training materials, etc. that regulators require. They'll tell you that you face massive fines, plus potential litigation costs and even prison terms(!), if you don't have what the Regulators expect to see when they come checking. And they'll charge you a king's ransom for their products.
But here's the catch: Your written policies, notices, and training materials are supposed to cover the legal requirements that apply to your business practices.
Your business activities probably differ in small but important respects from the dealer down the road. Those differences could mean different requirements apply.
You need written policies and notices that are tailored to your business. But those other sites want to sell every auto dealer the same policies, notices and training materials.
It makes no sense to train your employees on requirements that don't apply to your business. And, from what we've heard from regulatory examiners, they are none too happy when a company's policies and training materials aren't tailored to that company's business practices.
LexAlign's products are created by lawyers who are experts in the relevant law. In combination with that expertise we've created a highly efficient but incredibly powerful software engine that knows what questions to ask you in order to determine which requirements apply to you.
It then instantly and automatically delivers your policies, consumer notices and (soon) training materials that are tailored to your business. It's all in plain English, fully automated, and incredibly easy to use.
Unlike those other sites, we also try to help you understand what internal processes you need, and how to stay compliant as your business grows and develops. We offer guides and checklists, specially tailored to your business, to help you understand what is required now, and what new activities might trigger different requirements.
But (as they say) that's not all . . . Despite being superior, our products are also much more affordable than the formulaic, often irrelevant documents that those other sites offer.
Unlike those other providers, we're a Public Benefit Company. That means we have an official public benefit purpose: our mission is to facilitate compliance — to make it easier and more affordable to achieve — so that there is more competition and innovation in regulated markets.
We're a young, lean company, and we're eager to please. While we haven't yet built all the products on our to-do list, we're well on our way. We encourage you to use our site and give us feedback so that we can improve it. We might even give you a rebate for particularly useful comments.
Here are just some of the items we offer:
Finally, with our low product subscription fees, we'll keep you up to date on the evolving legal requirements that affect your business.
FTC requirements. CFPB requirements. The Federal Privacy Rule (we cover both the Gramm-Leach-Bliley Act and relevant provisions of the Fair Credit Reporting Act). The Adverse Action requirements. The Red Flags Rule. Identity Theft Protection requirements. The Safeguards Rule. Fair Lending requirements. The Federal Truth In Lending Act. Regulations B and Z. The National Do Not Call Act. The Telemarketing Rules. The Magnuson-Moss Warranty Act. The Marketing Rules. The Federal Used Car Rule. The Federal Risk Based Pricing Rule . . . and many more.
But don't worry, we won't burden you with legalese. All our products are written in plain English. And we use industry-specific examples.
So let's get started! Contact Us to participate in our Beta testing.