Arbitration

The information below is meant to provide you with a general idea of what Arbitration is and how using documents with Arbitration language may be beneficial to your business. Going to court can be costly and time consuming, making Arbitration a valuable option for many dealers.

What is Arbitration?

Arbitration is a way to solve disputes without going to court. Instead of going before a judge, both sides choose a neutral person, called an arbitrator, to listen to their arguments and decide the outcome of the dispute. This can be a faster and less costly way to settled disputes, but it's important to use documents with well-drafted arbitration clauses to use this process effectively.

Arbitration vs. Court

Whether or not to use documents with Arbitration language is unique to each dealership, dependent on a variety of factors. Click the icons below to learn some of the key differences between working with an arbitrator vs. taking your case before a judge in court.

Privacy

Arbitration usually happens in private, not in a public courtroom.

Time and Cost

Arbitration often takes less time, is less formal, and can be less expensive than going to court.

Expertise

The arbitrator is often someone who is an expert in the topic (such as consumer transactions or lending).

Appeal Process

The arbitrator's decision is usually final and must be followed by both sides. It offers limited appeal rights, whereas court offers full appeal rights.

Is Arbitration right for you?

Maybe. The LAW^® 553^® Retail Installment Sale Contract is offered both with and without Arbitration clauses, as the need for that language varies depending on your dealership's circumstances. Consult with your attorney to decide if Arbitration is right for you. Click the link below to read an article on our website offering a more in-depth look into Arbitration.

After learning more about arbitration, contact your dedicated consultant to discuss the full range of F&I documents available to you by filling out the form below (or any of the contact forms on our website). Be sure to take advantage of your free F&I Document Review to assess your compliance risk.

Demystifying Arbitration

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