Reynolds Announces Agreement with COINdata
to include the Reynolds LAW® 553 Retail Sale Contract
as the Standard Sale Contract in all docuPAD Products
DAYTON, Ohio - July 8, 2010 - The Reynolds and Reynolds announced today that COINdata has adopted the Reynolds LAW® 553 Universal Retail Installment Sale Contract as the standard retail sale contract in all docuPAD products. docuPAD is COINdata’s electronic, on-screen interactive F&I selling and document processing system that is designed to help automotive dealers increase the accuracy, compliance, and speed at which the typical F&I process is completed.
"Our vision for docuPAD all along has been to create the 'gold' standard in F&I compliance without abandoning dealership profitability," said Mark Singleton, CEO of COINdata. "Partnering with Reynolds and Reynolds and adopting the LAW 553 puts us a giant step closer to making that vision a reality. The LAW 553 is the most widely accepted finance document in the automotive industry. Having the LAW 553 digital version to use as the cornerstone of each and every docuPAD system ensures widespread lender acceptance while maintaining dealership flexibility and control."
The retail installment sale contract is often referred to as the most important document signed when financing a new or used vehicle – for the consumer and for the dealership. The Reynolds LAW 553 is designed to meet specific automotive financing laws and regulations from every state and is continuously reviewed and updated as regulations change.
"The LAW 553 continues to gain acceptance among dealerships and prominent lenders in automobile financing," said Jerry Kirwan, senior vice president at Reynolds and Reynolds. “By adding COINdata as a partner, we can further expand the use of the LAW 553 and support F&I departments becoming even more efficient and profitable.”
Combining LAW 553 contracts with docuPAD simplifies the lending process between automotive retailers and financial institutions and supports a consistent, repeatable business practice in the way dealerships handle vehicle financing. Additionally, adopting one standardized financing process and retail sales installment contract form in a dealership can decrease the time it takes dealers to process a vehicle loan application and reduce potential errors and liabilities.
Both docuPAD and the LAW 553 can work compatibly with any dealership management system or franchise nameplate.
COINdata pioneered dealership F&I software and systems beginning in the 1970s. Today, the firm is recognized in the industry for creating and advancing automobile sales applications that include Desking, multiple lease calculation displays, F&I sales tools, custom forms processing, and the electronic forms library, among other F&I innovations.
About LAW 553
LAW forms are available in all 50 states and have been endorsed by a number of state automobile dealers associations and leading automotive finance institutions. The Reynolds LAW 553 is also available in a number of different languages.
Reynolds and Reynolds is the automotive industry’s leading provider of automobile dealership software, services, and forms to help dealerships improve business results. The company is headquartered in Dayton, Ohio, with major operations in Houston and College Station, Texas, and Celina, Ohio.(www.reyrey.com)
Mark Singleton at COINdata