OCM WARNING
The UCDA continues to receive calls from dealers who have released vehicles to purchasing consumers who have financed their purchases through OCM Auto Financing Group Ltd. (“OCM”)
OCM appear to continue to delay payment to these dealers. We started receiving these complaints as far back as November, 2024. We sent a Dealer Alert in March on this subject and we repeat the message now.
If you are considering selling a vehicle to a consumer who is financing their purchase with or through OCM:
Do not release the vehicle to the consumer until you are paid.
The UCDA has always advised dealers not to deliver financed vehicles to consumers until you have the funds in your account, but we realize this is not always practical. In such cases obtain assurance, in writing, BEFORE you deliver the vehicle as to how long you can expect to wait to receive funding and then make your decision accordingly.
For dealers who have already released their vehicle and have yet to be paid, and despite attempts to get OCM to advance funding, remain unpaid, your options are to retain legal counsel, and get advice as to registering a lien on the vehicle, possibly repossessing it from the consumer or taking legal action.
It is also good practice to explain the situation to the consumer prior to any action so they understand the circumstances and they might be able to talk to OCM as well to avoid the need for further steps.