Pitfalls in sharing finance license with other dealers

rick ortin

I currently share my building with other dealers and one asked if they can use my license for financing through sub-prime/prime bankers. Before committing to it, is there any pitfalls I need to be aware of before agreeing to it? One thing i thought of will be end of the year taxes that will need to be paid(which of course they will pay for). Anything else? Legally ok to share? Do bankers care? Any info on this will be appreciated.

rick ortin


Maddy Low

Rick I wish I knew! I'll see if anyone else in the forum has thoughts.

Matteo Batelli

You can but all deal should be under your company. You collect the taxes and do all paperwork. You are responsible for everything.

Jay Luke

You will be responsible for almost anything that goes wrong. So hope you have a good relationship with the other dealer. why wont he procure his own stuff?

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