MADA Celebrates 100 Years!  

MADA is VERY excited about our upcoming Gala to celebrate our 100th Anniversary on November 13th!  If you haven't sent in your response card, please do so today.  We want to share in this momentous occasion with all of our dealers and associate members.  We couldn't have made it to 100 years without you and we want to celebrate the milestone together! 

A copy of the invitation and response card is available here.  If you cannot attend, please consider making a contribution to our charitable foundation, the Maryland Automobile Dealers Association Foundation.  All contributions are 100% tax-deductible.

MADA members are reminded of a new regulation, taking effect January 1, 2011, adopted under the Fair and Accurate Credit Transaction Act (FACTA) which will require all financial institutions, including dealerships, to give their finance customers a new "Risk-Based Pricing Notice." Under this new rule, whenever a customer is offered financing at an APR that is higher than the "best rate" that is offered to customers with higher credit scores, the customer must be given a "Risk-Based Pricing Notice" explaining that they are getting a higher interest rate because of their poor credit rating. This new rule sets forth complicated requirements for the form, content and timing of this notice, as well as the division of responsibility between an originating lender, such as an automotive dealership, and the institutional lender who acquires the loan.

MADA also reminds it's members that the new deadline for compliance with the Red Flags Rule is January 1, 2011.  Despite repetitive delays in implementation, dealerships, as financial institutions, should implement the requirements of the Rule.  It is not only a prudent business practice, it can also help dealers avoid lawsuitsbrought by victims of identity theft.