Friday, October 03, 2008
FLA and RMIF agree Memorandum of Understanding
The Finance and Leasing Association (FLA) and the Retail Motor Industry Federation (RMIF) have agreed a Memorandum of Understanding on asset registration to assist their members.
The Memorandum, which comes into effect on 1 October 2008, promotes the prompt and accurate registration of vehicles with Asset Registration Agencies by finance companies and motor dealerships. It also introduces a resolution procedure to guide members in the event of a dispute.
FLA Director General Stephen Sklaroff said:
"The FLA is committed to timely and accurate asset registration. The recording of lenders' financial interests with Agencies means their valuable assets are protected. This is particularly important in the current climate. I am pleased that we are working closely with the RMIF on an issue which is of great importance to members of both organisations."
RMIF Director Sue Robinson added:
"The Memorandum will give added security to dealers on asset registration. The RMIF encourages all of its members to provide full and accurate descriptions whenever registering vehicles. Dealers should contact their preferred Asset Registration Agency to learn more."
DATED: 03.10.08
FEED: AW
