- Feb 14, 2020
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Looking for feedback from all parts of country. I can only speak for Texas that all DMV offices have been completely shut down since March 20th. There are literally NO dealer title transfers or metal plates being processed and therefore no DMV "White Slips" (receipts) being issued to dealers "until further notice." Prior to COVID-19, many/most direct lenders funded dealers for buyer purchase with a Dealer Draft Instructions letter. This IOU document essentially instructed selling dealer to submit a copy of the DMV White Slip after completing title transfer and perfecting lender's lien in order to get funded/paid for their sold vehicle. With no White Slips, how are dealers getting paid on outside lender drafting letters during COVID-19 with DMV shut downs?
What are you seeing now and how are dealers getting paid for sold units financed during the buyer's lender via a direct loan?
What are you seeing now and how are dealers getting paid for sold units financed during the buyer's lender via a direct loan?
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