Florida Statutes 545.045 – Purchase or assignment of third-party financing
Current as of: 2024 | Check for updates
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(1) When a vehicle contract contains a third-party provider‘s automotive-related product that is of similar nature, scope, and quality to an automotive-related product offered for sale by an affiliated finance company or its related manufacturer or wholesale distributor, that affiliated finance company may not, solely because the vehicle contract contains a third party’s automotive-related product:
(a) Refuse to purchase or accept the assignment of the vehicle contract from a dealer; or
Terms Used In Florida Statutes 545.045
- Affiliated finance company: means a finance company which:(a) Is affiliated with or controlled by a manufacturer or wholesale distributor through common ownership, officers, directors, or management; or(b) Has a contractual agreement with a manufacturer or wholesale distributor to finance, via sale or lease, motor vehicles produced or distributed by such manufacturer or wholesale distributor. See Florida Statutes 545.01
- Automotive-related product: means a motor vehicle service agreement, as defined in…. See Florida Statutes 545.01
- Contract: A legal written agreement that becomes binding when signed.
- Dealer: means a franchised motor vehicle dealer, as defined in…. See Florida Statutes 545.01
- Finance company: means a person engaged in the business of financing the sale or lease of motor vehicles, or engaged in the business of purchasing or acquiring vehicle contracts in this state. See Florida Statutes 545.01
- Manufacturer: means a person engaged, directly or indirectly, in the manufacture of motor vehicles. See Florida Statutes 545.01
- purchase: includes an exchange, barter, gift, or offer to contract to sell or buy. See Florida Statutes 545.01
- Third-party provider: means a provider of an automotive-related product that is not an affiliated finance company, manufacturer, or wholesale distributor. See Florida Statutes 545.01
- Vehicle contract: means a conditional sales contract, retail installment sales contract, chattel mortgage, lease agreement, promissory note, or any other financial obligation arising from the retail sale or lease of a motor vehicle. See Florida Statutes 545.01
- Wholesale distributor: means a person engaged, directly or indirectly, in the sale or distribution of motor vehicles to agents or to dealers. See Florida Statutes 545.01
(b) Charge a dealer an additional fee or surcharge for the purchase of, or acceptance of the assignment of, the vehicle contract.
(2) Factors in determining whether an automotive-related product is similar in nature, scope, and quality include, but are not limited to, the financial capacity of the third-party provider to meet all of its obligations, inclusive of any contractual liability insurance policies, and the third-party provider’s history of compliance with any applicable state and federal regulations.
(3) A violation of this section does not constitute a criminal offense pursuant to s. 545.12.