Quality trade-in document

Trade-ins are big business for franchise dealers, accounting for 69% of used vehicles retailed by new-vehicle dealerships in 2024 according to NADA. In addition, the average retail selling price for a used vehicle sold by a new-vehicle dealership that year was $28,431 – with used car sales accounting for nearly $13 million of the dealership’s overall sales during the same period.

Taking trade-ins is also a bit messy, requiring you to arrange paying off existing liens and securing lien-free titles. So, what can you do to help ensure your trade-in process is efficient, pleasant for you and the consumer, and make it easier to work with the lienholder to get the trade-in title so you can turn around vehicles more quickly? Like many things, you can start by using a quality document that’s up to the task.

The LAW® Lien Payoff Authorization and Release form was updated with the trade-in experience in mind. Taking advantage of knowledge gained by our Compliance Consultants working within dealerships, the LAW team improved the previous version by enhancing formatting to better align with other LAW documents and simplifying language for ease of understanding.

Key Features of the Lien Payoff Authorization and Release include:

Dealers across the U.S. trust LAW in no small part due to our commitment of updating documents with legislative and best practice changes based on conversations with actual dealers. Trade-ins are a cost-effective way for you to increase your used-vehicle inventory, and LAW recognizes the importance of having a document that helps you with that process.

Contact your dedicated Consultant today to learn more about the Lien Payoff Authorization and Release form. You can also let them know you’d be interested in your free F&I Document Review, a service that includes collecting and evaluating your F&I documents and a review of how you can help reduce your compliance risk.

Click here to contact your consultant today

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The BANKERS SYSTEMS® mark is owned by Wolters Kluwer Financial Services, Inc. and is used with permission by license. Wolters Kluwer Financial Services, Inc. bears no responsibility or liability with respect to the forms provided.