FTC Extends Deadline
Red Flag Rule
What the Extension Means to Dealers
Dealers now have six more months to get a Red Flag Rule program in place. On October 22, 2008, the FTC announced a forbearance on Red Flag Rule enforcement. The new deadline for compliance is May 1, 2009.
While this extension may have been (in part) in consideration for those who've yet to comply, AFIP would like to encourage dealers to continue efforts to get their programs in place as quickly as possible. As many dealers learned before the extension, procrastination may leave you stranded - and it is unlikely the FTC will issue another last-minute reprieve.
The F&I Manager's Guide to the Red Flag Rule
For those still in search of a cost-effective, easy-to-install solution, AFIP has released The F&I Manager's Guide to the Red Flag Rule. The Guide includes easily modifiable electronic templates that are structured enough lead you through the creation of your Red Flag program, but flexible enough to allow for the unique circumstances each dealership may face. The 121-page instruction manual provides complete, easy-to-follow instructions. No additional F&I forms are required. In addition to the F&I DeskCheck (a step-by-step checklist for F&I managers), the Guide comes with a large wall sign that shows identity thieves they won't be stealing a car at your dealership and alerts customers to the fact that they may be asked to provide additional documentation in accordance with the law (and your efforts to protect them from identity theft).
The F&I Manager's Guide to the Red Flag Rule, which has been in high demand since its introduction in late August, is an easy, complete solution to your Red Flag Rule compliance needs. It is designed to work in tandem with the Safeguards Rule Compliance Kit and a multitude of third-party vendors' identity verification and authentication solutions.
The F&I Manager's Guide to the Red Flag Rule is available from AFIP for $125 (plus shipping and handling and tax in Texas). Or purchase the Guide at reduced prices from Honda Financial Services, RouteOne, Michigan Automobile Dealers Association, Zurich, NJCAR, and other AFIP Industry Members and state association partners.
There won't be a second extension -
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