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Reynolds Document Services named CATA preferred provider

October 27, 2013
With an eye toward providing its membership with products that help them reduce litigation risk, the CATA has partnered with Reynolds Document Services for the company to be the association’s approved partner for Retail Installment Sale Contracts.
 
Since the 1920s, Reynolds and Reynolds has been the leader in serving automobile dealerships nationwide with standard and custom documents to help dealers manage their operations and serve their customers more effectively. 
 
Reynolds is the sole provider of the trusted and proven LAW® 553 Retail Installment Sale Contract, often called the LAW 553.
  
Area dealerships may already use the LAW 553 in their F&I departments and are aware of its tremendous value. If not, here are some of its key advantages:
 
• The LAW 553 is available in state-specific versions for Illinois and for Indiana — so CATA-member dealerships in both states can immediately begin using the most widely used and accepted contract in the industry. 
 
• The LAW 553 is reviewed regularly by Hudson Cook, LLP, to keep pace with changes in automotive finance laws, regulations, and court decisions — so dealers have industry-leading support to help with a dealership’s compliance.  
 
• The LAW 553 is accepted by virtually every financial institution — so a dealership can use one contract to finance deals through multiple lending institutions, reducing reworked and lost deals and increasing the store’s F&I revenue. Dealers also benefit from storing fewer documents and saving programming costs by using one contract.
 
Reynolds Document Services understands that the F&I department is a vital part of a dealership’s business operations.  To help CATA members manage the transition to the LAW 553 Retail Installment Sale Contract in the most efficient way possible, a Reynolds Document Services Consultant will contact members shortly, and will be able to answer questions and discuss the many benefits of using the LAW 553.
 
The Reynolds sales support team can be reached at (800) 654-6768; or the local representatives are Steve Fleishman, (847) 456-2895; John Koeneman, (847) 370-7474; and Sue Scheive, (630) 430-0145.
 
Additionally, the CATA strongly encourages that dealers supplement the LAW 553 with an Arbitration Agreement. The CATA’s website, www.cata.info, provides an easy link to upload the Arbitration Agreement which was drafted in 2003 in conjunction with the Chicago and Northern Illinois Better Business Bureau. 
 
The agreement provides for arbitration before the Better Business Bureau and has established fee schedules set from time to time by the BBB.  The buyer or lessee is responsible for the first $100, with the dealership paying the balance.  The CATA strongly recommends that dealers provide this Arbitration Agreement along with the LAW 553.
 
Find out more about the CATA’s Member Benefit program by visiting the association website, specifically www.cata.info/resources/cata_member_benefits/
 
 

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