A new solution from F&I Express is revealed in the “2017 Guide to Operational Efficiencies & Regulatory Compliance in F&I Product Cancellations”.
GRAPEVINE, Texas — The F&I product cancellation process currently lacks standardization, automation, transparency and efficiency. These challenges not only have a negative impact on the day to day operations of a product provider or lender but also affects their ability to remain compliant with state and federal regulators. Titled, “2017 Guide to Operational Efficiencies & Regulatory Compliance in F&I Product Cancellations”, this white paper solves the problems created by a broken, inefficient system for processing F&I product cancellations and the regulatory scrutiny it has attracted. In the white paper, F&I Express reveals a proprietary digital solution, currently being used by the nation’s leading lenders and F&I providers, that completely streamlines the product cancellation process.
“Lenders use the platform to process credit product (GAP/Credit Life) cancellations on payoffs. In certain states, they are obligated by the state to issue the refunds directly to the consumer within a stated timeframe and be able to provide documentation as proof. Sending a letter to the dealer is not considered proof that the consumer gets their refund. Our platform provides a greater degree of validation and audit trail for the lenders to mitigate some of the compliance risk”, says Brian Reed, President / CEO of F&I Express.
If anything listed below would be valuable to your organization, you will find this white paper very useful.
- File product cancellation requests directly with product providers.
- Obtain exact refund amounts for products to be cancelled.
- Remediate accounts previously terminated without refunds issued.
- Implement standardized processes for all cancellation reasons.
- Eliminate product cancellation paperwork.
- Obtain correct chargeback amounts from lenders.
- Eliminate phone calls back and forth between lenders and providers
- Uphold credible business relations between lenders and providers
F&I Express EVP Rich Apicella states, “At the end of the day we are all consumers. Processing cancellations in a timely manner and issuing consumers the refunds they deserve, in a timely manner, is the right thing to do”.
ABOUT F&I EXPRESS
Intersection Technologies Inc. – F&I Express® is the leading technology and solutions provider powering the future of the automotive F&I industry. Our F&I Express eContracting network enables aftermarket providers and agents to increase their dealer clients’ CSI ratings by providing a faster and error-free process to eRate, eContract, and eRegister all their aftermarket products on one platform. With the largest aftermarket provider network in the industry, F&I Express delivers specialized solutions that streamline the aftermarket process for optimized efficiency. Our Express Digital Media solution uses a proprietary Dealer Service Provider interface to provide connectivity to accurately quote and instantly obtain product content from more than 130 product providers. Our Express RecoveriesSM platform helps auto lenders improve recoveries, cycle times and compliance for aftermarket product cancellations. Our CompliPriceSM solution helps ensure that automotive dealerships are compliant with their aftermarket product pricing. For more information about our innovative technologies, please visit http://www.fandiexpress.com/ or follow us on Twitter @fandiexpress.
Author: Digital Dealer
Digital Dealer exists to help dealers and their managers sell more vehicles more profitably by creating the best live events and media in the industry.