What is the Byrider standard regarding signatures on closing documents, as outlined in section 9.1?
Byrider Franchise · 2025 FDDAnswer from 2025 FDD Document
| Purpose | 4.1 |
|---|---|
| Laws and regulations | 4.1 |
| STANDARD: Equal Credit Opportunity Act (ECOA) and Regulation B | 4.2 |
| Prepare wet signature closing documents | 4.4 |
| PROCEDURE: Print wet closing documents on a laser printer | 4.5 |
| Close with the customer | 4.8 |
| BEST PRACTICE: Pre-closing video | 4.8 |
| PROCEDURE: Close with the customer | 4.9 |
| Closing introduction dialog guidance | 4.9 |
| BEST PRACTICE: Recording the closing | 4.9 |
| Wet signature closing document matrix | 4.10 |
| STANDARD: Customers signing blank forms | 4.12 |
| STANDARD: Warranty and service contracts | 4.12 |
| STANDARD: Ancillary fee-based products or services | 4.13 |
| STANDARD: Maximum finance charge rate | 4.15 |
| STANDARD: Retail vehicle pricing | 4.18 |
| STANDARD: Disclosing information during closing | 4.19 |
| STANDARD: Signatures on closing documents | 4.19 |
| Handling objections | 4.20 |
| Deliver the account to CNAC's Accounts Receivable | 4.20 |
| PROCEDURE: Post the account to Accounts Receivable | 4.21 |
| Equal Credit Opportunity Act (ECOA) and Regulation B | 4.24 |
| STANDARD: Equal Credit Opportunity Act and Regulation B | 4.24 |
| Closing for a Vehicle Repair Installment Contract | 4.24 |
| BEST PRACTICE: Vehicle Repair Installment Contracts | 4.24 |
| PROCEDURE: Closing a Vehicle Repair Installment Contract with the customer | 4.25 |
| STANDARD: Customers signing blank forms | 4.26 |
| Background Secure Close | 4.29 |
| Secure Close's Training for Their System | 4.29 |
| General Manager/Underwriter Deal Structure – Secure Close | 4.30 |
| Underwriter/Location Personnel – Secure Close | 4.31 |
| Dedicated Secure Close Closing Station Notes | 4.32 |
| PROCEDURE: Prepare closing documents for signature – Secure Close | 4.32 |
| Objectives of All Closings | 4.39 |
| STANDARD: Customer Signing Blank Forms | 4.39 |
| STANDARD: Disclosing Information During Closing | 4.39 |
| Close with the customer – Secure Close Overview | 4.40 |
| Deleting a Secure Close Closing | 4.42 |
| PROCEDURE: Deleting a Secure Close Closing | 4.42 |
| Requesting Secure Close Documents After the Closing | 4.42 |
| JDB/CNAC Compliance Team's Notes for Auditing Secure Close | 4.43 |
| Archiving of Closing Documents – Secure Close | 4.43 |
| What is the Location's Responsibilities if Secure Close Makes Changes to their System? | 4.43 |
Source: Item 23 — Receipts (FDD pages 88–335)
What This Means (2025 FDD)
According to Byrider's 2025 Franchise Disclosure Document, there is a standard regarding signatures on closing documents. Specifically, Item 23 mentions "STANDARD: Signatures on closing documents" under section 4.19. This indicates that Byrider has established a specific requirement or procedure that franchisees must follow when obtaining signatures on documents related to the closing of a sale or transaction.
This standard likely aims to ensure that all necessary signatures are obtained correctly and in compliance with legal and company requirements. This could involve specifying which documents require signatures, who must sign them (e.g., the customer, a representative of the franchisee), and any specific procedures for witnessing or notarizing signatures.
Prospective Byrider franchisees should carefully review the Byrider manuals and training materials to fully understand the specific requirements for signatures on closing documents. Failure to adhere to these standards could result in legal or compliance issues, potentially leading to penalties or other adverse consequences for the franchisee.