Wayne Reaves, president of Wayne Reaves Computer Systems in Macon, Ga., customizes the software he sells to match state and federal law.
"We sell our package in nine states in the Southeast," Reaves said."Most dealers don't know different states allow different rates.In Georgia, if a car is more than five years old, the maximum interest rate allowed is 30 percent.If a car is less than five years old, the maximum rate allowed is 25 percent.Reaves said his
program looks at the year a car was manufactured and automatically plugs in the correct interest rate allowable by law in the dealer's state."It won't allow employees to put improper interest rates in," Reaves
said."Some states require a 10-day grace period before a late fee can be charged.Different states have different legal late fees.We do the research and study the laws in each state before we sell software."The idea, Reaves said, is to protect the dealer from making mistakes.
"I hold buy-here, pay-here seminars all the time," Reaves