Who needs a finance license?
Any dealer accepting more than ONE payment from a customer needs a finance license called a Motor Vehicle Retail Installment License.
It is important that you apply for the correct one, it must be “motor vehicle” specifically.
In addition to the act of taking one or more payments, you will need to have this license if you are submitting credit applications for your potential customers to lending institutions on their behalf.
This license is a biannual license and can be obtained relatively easily. The cost is $175.00 and an application.
Even if you are not doing Buy Here Pay Here, it would be to your advantage to acquire this license and protect yourself from possible penalties and legal ramifications.
For license requirements and to apply for the license visit –
Florida Office for Financial Regulation
https://www.flofr.com/sitePages/MotorVehicleRetailInstallment.htm
