Military Lending Act (MLA)
Are you compliant with the new MLA Final Rule?
ProMax has a solution!
The MLA Final Rule states it is the financial institution's responsibility to confirm an applicant's MLA Covered Borrower Status in accordance with the changes made to the Military Lending Act of 2016. ProMax's new solution automatically checks your buyer's MLA Covered Borrower's Status from the Department of Defense's database whenever a Credit Bureau is pulled.
If your customer is covered, you'll see it noted throughout ProMax: on the Customer Workscreen, the Prospect Logs, in the Compliance Review Report, and on the bureau itself. If you desk a deal that's out of compliance, you'll get a popup telling you so.
Don't get caught out of compliance with this rule! Ensure safe harbor and avoid penalties with our foolproof MLA solution.
For more information about MLA or to get signed up, contact your Dealer Support Specialist at 844-322-9034.
New Header and Navigation Color Scheme
Notice anything different? That's right, we've gone in for a new coat of paint and some detailing!
None of the navigation has changed; you'll find everything where it used to be- just with a new, sleeker look.
DealerTrack DMS Improvements
We made a lot of improvements to the DealerTrack DMS in this version. Here are the highlights:
- We removed the locking of deals that have been sent to DT DMS, which enables a dealer to make changes to a deal and resend without having to rebuild a new deal in ProMax. [Item 444706]
- We enhanced the deal export to enable the sending of Incentives/Additions to Profit. [Item 445570]
- We added the ability to send Deal Fees based on sold vehicle type. [Item 445578]
- We added the ability to override the DMS Acquisition Fee and the DMS Finance Reserve in the deal send. [Items 444621 & 445567]