Biweekly Payment Provider Bulks Up Compliance Practices
USEA implements code of ethics and a certification test for its dealership partners. The move comes more than three months after the NADA notified members that the FTC was investigating biweekly payment programs.
ORLANDO, Fla. — US Equity Advantage (USEA), a provider of biweekly loan processing for the automotive industry, has added two new components to its compliance practices: a code of ethics and certification test for dealership partners. They are designed to further enhance the consumers’ understanding of the costs and benefits associated with the company’s biweekly loan payment services.
The code of ethics is an agreement signed by dealership finance managers. It is intended to demonstrate the commitment of their F&I personnel to operate in the customers’ best interests by fully disclosing in a clear and simple manner the costs and benefits of USEA’s biweekly loan payment services.
The certification test is an online exam for F&I professionals at dealerships to test their knowledge of USEA’s biweekly payment plan costs and benefits. They must successfully complete the exam in order to offer USEA’s products to their customers.
“The code of ethics and certification test represent a continuing evolution of our best-in-class business practices,” said USEA CEO Robert Steenbergh, who also serves as the company’s chief compliance officer. “With the recent regulatory attention given to biweekly payment products, it is more important than ever that we have practices in place that promote full and accurate disclosure of our products and puts the customers’ best interest first and foremost.”
The announcement follows a memo the National Automobile Dealers Association issued in May. It warned members that the FTC issued civil investigative demands to dealers in connection with the sale of biweekly payment products. It also cautioned dealers not to overstate the benefits of biweekly payment services.
“USEA is in lockstep with the National Automobile Dealers Association (NADA), which has advised its members to be aware of the specifics of the F&I products they sell and ensure their staff are properly trained to accurately disclose all fees and costs and not overstate any potential benefits,” Steenbergh said. “Our new compliance initiatives give USEA’s dealership partners the tools to do exactly that.”
USEA’s commitment to compliance also includes a fulltime compliance officer whose department is actively engaged in meeting all regulatory issues in the marketplace. These include adhering to state money transmission licensing in all 50 states, Bank Secrecy Act/Anti Money Laundering (BSA/AML) regulations, ACH network operating rules and guidelines, Electronic Funds Transfer Act (EFTA) requirements related to customers’ transactions, the Gramm Leach Bliley Act (GLBA) governing customer privacy and security, and Generally Accepted Accounting Principles (GAAP) including annual financial auditing.
For more information please visit www.usequityadvantage.com.
Originally posted on F&I and Showroom
More Dealer Ops

Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins
A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.
Read More →
Timing the Market Can Hurt Long-Term Program Performance
For dealer-owned reinsurance entities, avoiding volatility entirely can mean falling behind inflation and missing market rebounds that drive long term surplus growth. Missing just a handful of strong market days can materially impact cumulative returns—an important reminder for long horizon trust and investment strategies.
Read More →
Dealer Ads and the FTC
The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
Read More →
Used Autos Supply Dwindles
The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.
Read More →
Managing Risk Effectively Through Changing Times
The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →
IA American Appoints Two Execs
Senior vice presidents of the company's agent and dealer channels chosen to support general agents and help auto dealers with sales and performance.
Read More →
Cox Automotive Acquires Inspection Firm
Full ownership of Alliance Inspection Management, or AiM, meant to unlock growth for Manheim inspection capabilities
Read More →
Assurant Expands Partnership With Holman
Extended collaboration delivers training, products and performance development to 30 newly acquired Holman dealerships
Read More →
Franchises, Throughput Down in First Half
A handful of states see franchise growth through June, while EV sales per store boost overall business in U.S.
Read More →