ST. LOUIS, Mo. — The Equipment Dealers Association (EDA) excited to announce a free webinar for members, called Dealer Beware: Managing UCC Risks to Limit Chargebacks When Customers Don’t Pay. This webinar will be hosted by Lance Formwalt, shareholder in the Equipment Dealer Group at Kansas City-based Seigfreid Bingham.
Dealers are often actively engaged in the process of providing financing options for their customers. Although many customer financing options are labeled as “non-recourse” to the dealer, dealers are often surprised when a retail finance lender assesses a chargeback down the road after a customer can’t pay the lender. Unfortunately, this situation happens fairly frequently and tends to increase when customers are facing tough economic times. In these circumstances, dealer exposure is often the result of not following the correct procedures to help ensure that a UCC financing statement is filed to give the lender a first priority security interest in the financed equipment.
Click here for registration information on the webinar, which will broadcast on Aug. 6, 2019.
Related story: Lance Formwalt recently hosted a webinar for Farm Equipment, a sister publication to Rural Lifestyle Dealer, about how new out-of-state sales tax laws can affect dealerships. View now.